Second, it is about bonding.

The two continents have deepened their cooperation by setting up the Asia-Europe Meeting Mechanism and dozens of leaders meet every two years. The previous meeting was held in Milan, Italy, in October and participating countries have called for better connectivity between Asia and Europe by beefing up infrastructure construction.

To turn such calls into action, the formation of such a bank is necessary. Research has shown that every year, more than $720 billion of capital is needed to satisfy Asia's needs in infrastructure backlog. But the World Bank and Asia Development Bank cannot provide all this funding.

So there is good reason for the two continents to deepen relations, and for the EU to join the AIIB as a founding member.

Third, it is about the complementary nature of relations between Asia and Europe, which is advanced in the field of green technology and other innovative solutions. The official involved in forming AIIB has said the institution will be efficient, clean and green.

By being green, European technology and solutions will be widely used in Asia's infrastructure institutions if the EU has a say in the new financial organization.

There are currently six prospective founding members from Western Europe. If the EU were to join, countries from the central and eastern parts would also be represented in the AIIB.

Of course, Brussels may say China is inviting governments to be founding members and it may not be proper for the EU to apply. But the AIIB is a new institution and founders can set the rules. So, Brussels should be bold enough to apply to join.

Now, the deadline is close and there may not be enough time for the EU based on its current decision-making procedures. But if it still wants to join, it can ask Beijing to extend the deadline and start its application procedure.

Only then can European stakes in Asia be protected in some way.

The author is China Daily chief correspondent in Brussels. [email protected]