In August 1989, during François Mitterrand's second mandate, Jacques Attali gave up politics and left the Elysée Palace. He founded the European Bank for Reconstruction and Development (EBRD), in London, and became its first president. He had initiated the idea of this institution in June 1989, before the fall of the Berlin Wall, in order to support the reconstruction of Eastern European countries. He chaired the Paris negotiating conference which led to the creation of the EBRD. Under his leadership, the EBRD promoted investments which aimed at protecting nuclear power plants, protecting the environment and, more generally, developing infrastructure, reinforcing private sector competitiveness and support transition to democracy.