In eukaryotes, the guanine nucleotide exchange factor (eIF-2B) is a key protein in the control of polypeptide chain initiation. It catalyzes the exchange of chain initiation factor (eIF)-2-bound GDP for GTP and facilitates the formation of a ternary complex (eIF-2.GTP.Met-tRNAf). The activity of eIF-2B is inhibited indirectly by phosphorylation of the smallest subunit of eIF-2 which sequesters eIF-2B into an inactive eIF-2(alpha P).eIF-2B complex. On the other hand, eIF-2B activity may be regulated directly by covalent modification of its largest subunit with different kinases, such as casein kinase (CK)-I, CK-II and glycogen synthase kinase (GSK)-3. After stimulation of mammalian cells by insulin or growth factors, the allosteric activation of eIF-2B activity by sugar phosphates and inositol phosphates may also provide an important parameter in the regulation of protein synthesis.