March 30, 2015
Two weeks ago, the United Kingdom applied to become a founding member of the Asian Infrastructure Investment Bank (AIIB), a financial institution proposed by China and designed to finance large-scale infrastructure projects in Asia. The decision triggered a scathing—and unusually public—rebuke from London’s Atlantic ally, the United States, which had lobbied hard against the bank. Encouraged by the United Kingdom’s decision, France, Germany, and Italy quickly followed suit, with Australia, South Korea, and possibly even Japan soon to follow.
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