In the post-Cold War era, there are still international institutions linked to an era of U.S. hegemony in the Western Hemisphere and, in some cases, they play an important role in solving a wide range of challenges. New institutions will also be created to meet new challenges. The European Bank for Reconstruction and Development (EBRD) could be the most visible example. On 29 May 1990, forty States and two European organisations signed an agreement for the creation of this new institution, whose stated aim is to „promote the transition to open market-oriented economies and to promote private and entrepreneurial initiatives in Central and Eastern European countries that engage and apply the principles of multi-party democracy pluralism and the market economy.“ 91. Even among the G7, the best outcome of Soviet aid in 1990 was an agreement that was no different – what the communiqués call a „complementary approach“ where each state would adopt its own course of action vis-à-vis Moscow and provide all the bilateral aid it preferred. Google Scholar See Rosenbaum, David E., „Three Key Economic Issues Undecided as Meeting Ends,“ The New York Times, 12 07 1990, S. A10; Google Scholar and Riddell, Peter, „G-7 Compromises over Soviet Aid,“ Financial Times, 12 07 1990, S. 6.Google Scholar 59. Personal interviews with a U.S. State Department official, Washington, D.C., 12,1990, and a U.S. Federal Reserve official, 12,1990.Google Scholar The United States insisted that there be a non-rotating seat on the board, which assured that other major subscribers would do the same.
For a report on persistent differences in the role of the Board of Directors and management in defining operational strategies for the EBRD, see Riddell, Peter, „Shareholders in EBRD Call on Attali to Rethink“ Financial Times, 30 07 1990, p. 1; Google Scholar and Farnsworth, Clyde H., „U.S. May Not Support East Europe Aid Bank,“ The New York Times, 4 08 1990, p. A18. Google Scholar 73. As proof of this change, see the contrast between the tone of 1990 and 1991 articles in the European press and those that were presented in 1992.Google Scholar For example, The Economist stated in the spring of 1991 that if „the EBRD does not exist, it would not be created.“ Google Scholar 1992 published the title „EBRD Wins Credibility With a Hard-Nosed Approach“ in Judy Dempsey, Financial Times, 31 03 1992, p.