FINANCIAL TIMES: Europeans defy US to join China-led development bank

03/17/2015

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By GEORGE PARKER, ANNE-SYLVAINE CHASSANY and GEOFF DYER | 3/16/15 10:49 pm | Source: FINANCIAL TIMES

Europeans defy US to join China-led development bank

France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution.

The decision by the three European governments comes after Britain announced last week that it would join the $50bn Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank.

Australia, a key US ally in the Asia-Pacific region which had come under pressure from Washington to stay out of the new bank, has also said that it will now rethink that position.

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