France and Germany are to join the UK in becoming members of a Chinese-led Asian development bank.
Posted on March 17th, 2015
Courtesy BBC
The finance ministries of both countries confirmed on Tuesday that they would be applying for membership of the Asian Infrastructure Investment Bank (AIIB).
Last week, the US issued a rare rebuke to the UK over its decision to become a member of the AIIB.
The US considers the AIIB a rival to the Western-dominated World Bank.
The UK was the first Western economy to apply for membership of the bank.
But German finance minister Wolfgang Schaeuble confirmed on Tuesday that his country would also be applying for membership.
France’s finance ministry confirmed it would be joining the bank. It is believed Italy also intends to join.
The US has questioned the governance standards at the new institution, which is seen as spreading Chinese “soft power”.
The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.
When asked about the US rebuke last week, a spokesman for Prime Minister David Cameron said: “There will be times when we take a different approach.”
The UK insisted it would insist on the bank’s adherence to strict banking and oversight procedures.
“We think that it’s in the UK’s national interest,” Mr Cameron’s spokesperson added.
‘Not normal’
Last week, Pippa Malmgren, a former economic adviser to US President George W Bush, told the BBC that the public chastisement from the US indicates the move might have come as a surprise.
“It’s not normal for the United States to be publicly scolding the British,” she said, adding that the US’s focus on domestic affairs at the moment could have led to the oversight.
However, Mr Cameron’s spokesperson said UK Chancellor George Osborne did discuss the measure with his US counterpart before announcing the move.
Some 21 nations came together last year to sign a memorandum for the bank’s establishment, including Singapore, India and Thailand.
But in November last year, Australia’s Prime Minister Tony Abbott offered lukewarm support to the AIIB and said its actions must be transparent.
US President Barack Obama, who met Mr Abbott on the sidelines of a Beijing summit last year, agreed the bank had to be transparent, accountable and truly multilateral.
“Those are the same rules by which the World Bank or IMF [International Monetary Fund] or Asian Development Bank or any other international institution needs to abide by,” Mr Obama said at the time.
March 17th, 2015 at 3:53 pm
FANTASTIC!
Our UNP BLOODY FOOLS are the only DAMN FOOLS in the world to go in the OPPOSITTE DIRECTION when every other country embraces China!!
What a curse we are left with!
My3 should rule his UNP dogs without letting the dogs drag him from one pile of dog poop to another. MR should stop disrupting My3’s control over SLFP and UPFA.
March 17th, 2015 at 6:34 pm
While the rest of the world is joining with China the my3 incompetents are going in the other direction and trying to join U.K. and USA to get funding from them. They are broke. In case of U.K they have a million on the dole and are looking to the east to fill their coffers as the did 200 years ago. In case of U.S.A they keep printing money since the $ is backed by the Federal Reserve. According to Thom Hartmann who predicts a major financial melt down in 2016 (Ref: Crash of 2016) the Bank of International Settlements has stated that the the Global Derivates market is $1.2 Quadtrillion or $1200 Trillion. This is roughly 21 times the Global GDP. The US GDP is $14.2 Trillion. The 2008 near $ crash happened due to the fact that bad mortgages were backed by AIG Insurance which was then sold on Wall street to unwary investors. These derivatives since they were based on worthless real estate mortgages crashed and the world is just recovering from it. Anyone more interested can search on Google.
P.S. Prince William from U.K visited China just a few days ago.
March 18th, 2015 at 2:20 am
Lorenzo,When My3 say Mahinda should allow him to contrlo he is saying in other words he has no control.
MY3 has the presidency of the country,chairmanship of the party and the UPFA, all taken through fraudulent means,MR has nothing of that sort exept the people power and that is what matters,Sirisena knows it and he is afraid of it.
March 18th, 2015 at 11:34 am
Do not talk nonsense Lorenzo; how could MR interfere with Sirisena’s management of SLFP for he is after all the President of Sri Lanka.
The fact that Sirisena made a puny claim for premiership it doesn’t necessarily make Sirisena a top SLFP hierarchy waiting to be the chairman. Sirisena was a mere Polonnaruwa district leader and the general secretory of SLFP. Sirisena made his mark on a pina chance that Ranil paved him under the instructions of his western conspirators.
Think how hard Mahinda had to fight to earn the chairmanship of the SLFP. MR had to earn a name in the party first. Thereafter he had to face a tough fight and get the premiership. In 2005, SLFP President (Chandrika) not just didn’t help MR inspite of he being the party contestant for the Presidency, she chose to block the party funds for his campaign and indirectly told her followers not to vote MR. But Mahinda made allies, fought and and won the Presidency. Did Chandrika hand over the chairmanship of SLFP to MR after he won the Presidency? NO. MR didn’t moan and groan but guided her upstairs after several months while facing renewed attacks by LTTE.
What a shame President Sirisena continue to moan and groan on past episodes. Sirisena fail to say MR had handed over the chairmanship of SLFP in a platter in a few days in spite of he was elected President from the joint opposition and formed a government with the minority opposition parties. Pity Sirisena doesn’t understand that he has to make the best out of the situation. We say, if he cannot adapt tough luck to him; he should be kicked out (from the SLFP chairmanship).
President Sirisena must understand that possessing the chairmanship of SLFP with the backing of a few hierarchy puppets who cannot win their own seats like Siripala, Dilan and et al is not enough means to charm a party like SLFP. Sirisena has to show its membership that he is a genuine lover of the party and his desire to guide the party to power. And that is not easy for a man who betrayed the party and contested against it. So, Sirisena had to work double hard with the SLFP MPs, PC members, LC members, the membership and those who voted Sandanaya to earn their respect. Sirisena must understand that he cannot hijack the SLFP or Sandanaya nor will he be allowed to impose policies of his conspirators to SLFP. It’s stupid to have one foot in the UNP and the other in the SLFP.
March 18th, 2015 at 12:59 pm
NAK and Leela,
Almost ALL SLFP MPs are with My3.
But MOST PC and lower level SLFP politicians are with MR.
This has DIVIDED the party. UNP stands to gain from this division. MR is now doing what CBK did in 2005. My only worry is the PARTY and UNP gaining because of this DIVISION.
IF MR willingly gave away the party leadership to My3, why not he stand by that decision? He NEVER left the party. Why now?