Europeans flocking to Asian Infrastructure Investment Bank?

"France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank [AIIB], according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution." according to Financial Times article Europeans defy US to join China-led development bank (if the link does not work google search may find the article). The article goes on to say "The US Treasury said on Monday night that it recognised the need for greater infrastructure investment around the world. However, it said any new institution should “incorporate the high standards that the international community has collectively built”, and that new members of the AIIB should “push for the adoption of these same high standards”."
From the way IMF is dealing with Ukraine and Greece, it is not clear what these standards are.
P.S. Discussion at Naked Capitalism.