At its core, the European Union (EU) is a multilateral establishment rooted in members’ common interests and consent. For this reason, Europeans oftentimes identify with ideas that correspond with their ideals, as exemplified by four key European allies’ (the U.K., Germany, France, and Italy) agreement to join the China-led Asian Infrastructure Investment Bank (AIIB), an instance in which the People’s Republic of China continues building its soft power.
According to an NPR article titled “European Allies Defy U.S. in Joining China-Led Development Bank”, American’s European allies have “broken ranks with the U.S” by disregarding pleas from the U.S. that urge them against this action. The U.K., Germany, France and Italy issued statements that outlined their purpose: to work with international partners in helping to shape and ensure that the bank follows the best standards and practices, which is one of the aspects that the U.S. claims to be concerned about governance issues, particularly transparency, as well as compliance issues. Some analysts had regarded Europe’s move as a door-opening act for the rest of the world to join the Bank.
As of this month, virtually all major countries (including Israel and South Korea, two major allies of the U.S.) have followed those European nations by joining the AIIB, with the exception of the United States, Japan, Canada, and North Korea (whose application was rejected). By nature, the AIIB is regarded similar to the World Bank, IMF, and the Asian Development Bank (which Japan dominates). China had previously set the deadline of joining the Bank as a founding member as March 31st.
International relations, a subfield of politics, is fundamentally about the conflicting interests of different political players in a power struggle. The European engagement in AIIB is not purely a nod to China’s multilateral considerations. Rather, it could be regarded a strategy to contain Chinese dominance over this infrastructure bank, whose title is abbreviated in Chinese as “Asian investment bank” yet regards its primary goal of “scaling up financing for sustainable development”, as defined by the United Nations.
Further, Europe’s incentive in engaging in the AIIB may include a desire to deepen its economic ties with China. An argument has long existed that the “American Dream” is dying. For European dreamers, it might be more feasible to ally with the Chinese despite the slowing down of the Chinese economy. In addition, it is arguable to what extent the European countries might be an attempt to complicate the Obama Administration’s relations with their continent as a challenge to the U.S.’ leadership position in the world. China’s leading role in establishing the Bank is part of President Xi Jinping’s attempt to reshape the global power dynamic and balance, starting with institutions that underpin the current hierarchy of hegemony.
Sources
http://www.ft.com/intl/cms/s/2/1c73b174-d9df-11e4-9b1c-00144feab7de.html#axzz3WeDocLW4
http://www.chinausfocus.com/foreign-policy/what-does-europes-aiib-entry-mean-for-china-and-u-s/
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