Welcome to the end of Brenton Woods and the Washington Consensus that defined the world money systems around U.S. controlled institutions and the U.S. dollar as the sole reserve currency.

Defying U.S., European allies say they’ll join China-led bank

Germany, France and Italy said on Tuesday they had agreed to join a new China-led Asian investment bank after close ally Britain defied U.S. pressure to become a founder member of a venture seen in Washington as a rival to the World Bank.The concerted move to participate in Beijing’s flagship economic outreach project was a diplomatic blow for the United States, reflecting European eagerness to partner with China’s fast-growing economy, the second largest in the world.

It comes amid prickly trade negotiations between Brussels and Washington, and at a time when EU and Asian governments are frustrated that the U.S. Congress has held up a reform of voting rights in the International Monetary Fund due to give China and other emerging economies more say in global economic governance.

Especially under the Obama administration the U.S. abused its important role in international finance to further its political pet projects at the cost of other participants in the system.
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