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We develop a new approach to deformation quantizations of Lie bialgebras and Poisson structures which goes in two steps.

In the first step one associates to any Poisson (resp. Lie bialgebra) structure a so called quantizable Poisson (resp. Lie bialgebra) structure. We show explicit transcendental formulae for this correspondence.

In the second step one deformation quantizes a quantizable Poisson (resp. Lie bialgebra) structure. We show again explicit transcendental formulae for this second step correspondence (as a byproduct we obtain configuration space models for biassociahedron and bipermutohedron).

In the Poisson case the first step is the most non-trivial one and requires a choice of an associator while the second step quantization is essentially unique, it is independent of a choice of an associator and can be done by a trivial induction. We conjecture that similar statements hold true in the case of Lie bialgebras.

The main new result is a surprisingly simple explicit universal formula (which uses only smooth differential forms) for universal quantizations of finite-dimensional Lie bialgebras.