Four key European allies have broken ranks with the U.S. to join a major new development bank created by China. Germany, France, and Italy today agreed to join the Asian Infrastructure Investment Bank. Last week, the U.K., one of America's staunchest allies, became the first Western nation to join the new bank.
The Obama administration opposes the AIIB, due to open later this year, and has pressured allies such as South Korea, Japan and Australia not to join the new bank. The administration says there's no need for another international lending institution.