Economy / Foreign relations

Italy adheres to controversial Chinese-led investment bank

Italy followed the path of Great Britain in adhering to the Asian Infrastructure Investment Bank, an international institution whose creation was promoted by China to counter the US-led World Bank.

Until today, the international financial institutions have been controlled by a US-Europe agreement according to which the World Bank is led by a US citizen and the International Monetary Fund by a European one.

The United States lobbied hard against AIIB but were unable to stop the adhesion of Germany, France and Great Britain. The latter’s move was a rare departure from the special relationship between Washington e London. Also Italy, while not claiming a “special relationship”, rarely disregards the United States’ wishes, being once known as “NATO’s Bulgaria”.

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