To some extent, the structures of the Asian Development Bank, World Bank, and International Monetary Fund are obsolete: they can no longer meet the needs of new emerging economies and don’t reflect today’s global economy. The AIIB could serve to invigorate the other banks to become more competitive and efficient.

Despite official American and Japanese opposition, 57 countries have opted to be among the founding members of the China-led Asian Infrastructure Investment Bank (AIIB). Regardless of what naysayers believe, this remarkable turn of events can only benefit global economic governance.

A more dynamic and flexible AIIB has the chance to develop and showcase strong, new and effective accountability mechanisms supported by all shareholders. Here though, China too must learn from and improve upon its own past practices if it is to prove the skeptics wrong.

The U.S. Congress’ inability to pass fair IMF reforms is partly responsible for China’s creation of the Asian Infrastructure Investment Bank (AIIB). While the U.S. is not at the center of this newly created institution. America still has time to develop the consensus in Congress to strike a balance between America’s leadership in the international system and the demand of others to have enough space, not only to survive in the system, but also to prosper.

Stewart Taggart makes a case for the Asian Infrastructure Investment Bank’s first investment to be in the creation of a Pan-Asian Gas Pipeline to promote the joint development of the South China Sea between China and its South East neighbors, and help achieve their bilateral energy reduction.

Due to American opposition to IMF reform, public confidence in the IMF has been seriously undermined, making its representation, legitimacy and relevance questionable in the eyes of the international community. Therefore, it is imperative that the IMF rapidly advance the reform plan.

As the BRICS prepare to launch the New Development Bank, Fernando Menéndez explores the political and economic factors motivating its creation and what it might imply for Latin America.

Despite prophecies of gloom and doom, China is moving toward rebound – through stimulus lite.

During the G20 Summit in Los Cabos, Mexico, China and several other emerging economies pledged to raise their IMF contributions. This not only marked a major achievement from the meeting, but also demonstrated the growing role of the emerging economies on the world economic stage. It also signified the willingness of the emerging economies to pull Europe and the world as a whole out of the current crisis by enhancing their IMF contributions.