COMMENTARY

(1) Commonwealth of Independent States (CIS)

Initially formed as a new commonwealth of Slav republics on December 8, 1991, by the presidents of the Russian Federation, Belarus, and Ukraine. On December 21, eight of the nine remaining non-Slav republics — Moldova, Tajikistan, Armenia, Azerbaijan, Turkmenistan, Kazakhstan, Kyrgyzstan, and Uzbekistan — joined the CIS at a meeting held in Kazakhstan's capital, Alma-Ata (now Astana). The CIS formally came into existence in January 1992 when President Gorbachev resigned. Georgia joined in 1994. Its headquarters are in Minsk, Belarus.

The main objectives in founding the Commonwealth were to ensure that some measure of cooperation continued in economic, financial, and monetary matters in order to avert a collapse in inter-republican trade and to coordinate price liberalization and market reform; to maintain some degree of coordination in foreign (and especially military) policy, and in such areas as transportation and communications; and to ensure recognition of borders and thus prevent in-ter-republican conflicts. CIS decisions are arrived at through the holding of regular summits of heads of state and through the formation of ministerial committees, with all CIS members being equals.

(2) European Bank for Reconstruction and Development (EBRD)

International bank established in 1991 to assist the economic reconstruction of central and eastern Europe. The Bank aims to help central and eastern European countries to implement structural and sectoral economic reform, including demonopolization, decentralization, and privatization. The EBRD has 60 members: 58 countries, including 26 countries in central and eastern Europe and the Commonwealth of Independent States, the European Union and the European Investment Bank. Each member appoints a Governor and an Alternate. The Board of Governors delegates power to a Board of Directors, responsible for the direction of the general operations of the Bank. The President is elected by the Board of Governors. The Bank's headquarters are in London.

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