representatives from the EU and the European Investment Bank. The Soviet Union was represented by its own delegation in the process and thus participated in the negotiations as well as the USA. Later on, because of dissensions on the political and economic objectives of the institution, the inclusion of the Soviet Union was threatened. Considered as short negotiations, the agreement (for reasons relating to the situation in Eastern Europe and to a wave of privatization across Europe) leading to its creation was signed on 29 May 1990 by actors such as 40 states as well as two European organizations and by March 1991 took its first effects as the bank was inaugurated. The creation of the EBRD has led to the financing of various projects in the years following its first operations, for instance there were twenty projects in 1992 in which the EBRD provided financing worth ECU 2.1 billion. Governance Divided between its headquarters located in London, and field offices located elsewhere, the European Bank for reconstruction and development is made of a three-tier structure composed of firstly, the president and the staff, secondly the Board of Governors and finally the Board of Directors. The bank’s structure has changed over time, because of concerns about competition within the institution. In fact, in the beginning of the 90s, there were two different banking divisions (on one side, the merchant banking related to the private sector and on the other side the development banking side working mostly with the public sector). Consequently, the two divisions came to be merged into a single one, substituting this structure with another one instead dividing the bank with seven policy and country regional sub-divisions. Board of Governors Representatives from each member state compose this board, they have authority power. Board of Directors The Board of Directors consists of 23 members elected by the Board of Governors. These members can not be on the Board of Governors. Its function is to direct the general operations of the bank, notably: Approve the budget; In accordance with the Board of Governors, establishing policies and making other decisions, loans, investments,...; Prepare the work of the Board of Governors; Submit yearly for approval the audited accounts to the Board of Governors. President The EBRD is composed of many members with voting powers, from European and non-European states to the membership of other institutions such as the European Investment Bank, however