OPINION

US feuds with AIIB over power fears

News, Joseph Stiglitz, Published on 17/04/2015

» While the International Monetary Fund and the World Bank are poised to hold their annual meetings, the big news in global economic governance will not be made in Washington DC in the coming days. Indeed, key news was made last month, when the UK, Germany, France and Italy joined more than 30 other countries as founding members of the Asian Infrastructure Investment Bank (AIIB). The $50 billion AIIB, launched by China, will help meet Asia's enormous infrastructure needs, which are well beyond the capacity of today's financial institutions.