| Author (Person) | Godement, François |
|---|---|
| Publisher | European Council on Foreign Relations (ECFR) |
| Series Title | Commentary |
| Series Details | 20.03.15 |
| Publication Date | 20/03/2015 |
| Content Type | Journal | Series | Blog, News |
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The author suggests that France, Germany, Italy, and most prominently by the United Kingdom have started to participate in the financing of Asia’s continued growth, by joining the Asian Infrastructure Investment Bank sponsored by China. The AIB is seen by some as a rival to the IMF and the World Bank and is not supported by the US. The author suggests that a much more worthy undertaking would have been to expand the proposed European Fund for Strategic Investments (Juncker fund) into a European Infrastructure Investment Bank – in other words, an EIIB with external participants and funders. This would include China, which has a structural current account surplus, and might consider European norms if they come along with low geopolitical risk and predictable rates of return. But Europeans seem totally unable to agree among themselves, and only able to compete against one another and to divide themselves in front of external parties. The lack of ambition for Europe, and the unseemly race that says it all about the lack of trust among key member states when it comes to economic interest, are indeed a sorry sight. |
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| Source Link | http://www.ecfr.eu/article/commentary_what_europe_needs_is_an_eiib_not_an_aiib11435 |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | China, Europe |
