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The Asian Infrastructure Investment Bank: another wakeup call for the EU?

This article explores and explains the Asian Infrastructure Investment Bank (AIIB) that China launched in 2014, which together with other initiatives including the New Development Bank, the BRICS Contingent Reserve Arrangement and the SCO Development Bank, can be seen as another attempt to counterbalance what it perceives as the “unjust” western-dominated world order. China's actions mirror to a substantial degree its own preferences for world order, its views on multilateralism and development as well as its ambitions of larger international institutional influence in multilateral organizations. It is another indication for the West that it has to accept the new reality of the twenty-first century that it not longer solely owns the future and it can be seen as yet another wakeup call for the European Union. Despite several indications the EU still does not seem to get how irrelevant it is becoming to the rest of the world and how relevant the rest of the world is becoming to the EU's future, making this article relevant for both academics and practitioners.