The polymerization of ethylene oxide (EO) initiated by NaA1Bu4is shown to proceed upon initial complex formation between monomer and initiator. In polymerization in toluene a high order of the kinetic equation with respect to initiator was found, indicating that chain propagation proceeds on dimers and trimers of the active center. An induction time of polymerization in THF is observed. It is necessary to reach a specific concentration of the NaAIBu4.EO complexes which take part in the polymerization process. The wide molecular weight distribution, the high effectivity coefficient (initiation efficiency), and the polymerization rate increase with polymer yield are evidence of a polycentric polymerization mechanism.