Finance & History

What does a bank do with 156 years of history — and 13 kilometres of archives?In this episode, Carmen Hofmann talks to Reinhard Frost, Head of the Historical Institute of Deutsche Bank, about managing the history of one of Germany’s largest financial institutions.What treasures are hidden in the archive? Which document would he save first in a fire? How does Deutsche Bank confront difficult chapters of its past? And what can a bank actually learn from its own history?From surprising discoveries and forgotten stories to the history of Jewish employees, digitisation and AI, the conversation goes behind the scenes of one of Europe’s major corporate archives — and asks why history still matters in banking today.

How did a simple payment card help reshape the American financial system?In this episode, Carmen Hofmann (eabh) speaks with financial historian Sean Vanatta (University of Glasgow) about his book Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control. They explore how credit cards emerged from the highly regulated and fragmented US banking system of the post-war era—and how banks used them to expand across state borders, reach new customers and challenge existing financial regulation.The conversation examines the role of banks, consumers and policymakers in the growth of consumer credit, the consequences of the 1978 Marquette decision, and the shift towards a more concentrated and highly indebted financial system. It also considers the unequal effects of wider access to credit, from rewards and benefits for affluent cardholders to high interest rates and “predatory inclusion” for more vulnerable consumers.Looking beyond the history of credit cards, Carmen and Sean discuss fintech, buy now, pay later, the recurring tension between financial innovation and regulation, and what this history can teach us about consumer finance today.Recorded at Mediobanca in Milan.

In this episode, Carmen Hofmann (eabh) speaks with M. Fatih Karakaya (Istanbul University) about the historical development of consumer finance in Turkey from the early Republic to the present day. Drawing on archival research, they explore how instalment payments, retailer credit, and bank-led lending evolved within Turkey's distinctive economic and political context. Far from simply importing Anglo-American credit card models, Turkey built on a long tradition of "buy now, pay later" practices that stretched from Ottoman-era Singer sewing machines to the instalment plans of major household appliance manufacturers. The conversation examines how these historical legacies shaped modern consumer finance, what makes the Turkish experience unique, and what it can teach us about credit markets more broadly.

Did bankers understand uncertainty better before financial models?In this episode we explore a question at the heart of finance: what is risk, really? Long before VaR models, stress tests, and algorithmic finance, bankers managed uncertainty through reputation, relationships, and social trust. Were they naïve—or were they, in some ways, more realistic than we are?In this episode of Finance & History, Carmen Hofmann speaks with economic historian Monika Pohle Fraser about how nineteenth-century French and German bankers managed risk before modern models existed. Drawing on archival evidence, the conversation explores a provocative idea: that trust, reputation, and social judgment often mattered more than quantitative information—and may still do today. From universal banking and bourgeois honor to AI-driven finance, the episode asks whether modern risk management is built on better information… or simply more sophisticated fictions of certainty.

How post-war finance remade Europe.In this episode, host Carmen Hofmann speaks with historian Tobias Straumann about his book Hitler’s Debt and the financial decisions that shaped Europe’s post-war recovery.We explore how settling Hitler’s unresolved debts, the 1953 London Debt Agreement, and bold U.S. policy choices helped turn a devastated continent into the “economic miracle” of the 1950s. Straumann explains why debt relief strengthened democracy, how leaders like Adenauer, Acheson, Schuman, Ben-Gurion and Sharett navigated moral and political dilemmas, and what the German case can teach us about today’s global debt crises.A concise look at how financial strategy, diplomacy, and compromise built the foundations of modern Europe — and why those foundations matter now more than ever.

Hugo Bänziger (Chairman of eabh) and Manfred Pohl (founder of eabh) come together for a rare conversation between two of the most experienced banking historians. They explore key milestones in Germany’s financial history after World War II, highlighting the crucial role of rebuilding the financial system as the foundation for national recovery.Their discussion also uncovers historical patterns—from the strategic eastward moves of emperors to Western Europe’s enduring quest for oil. Both experts emphasize a central point: just as nations must confront their histories—whether bright or dark—so too must companies face their past with honesty and precision if they wish to build a credible future.🎧 Tune in (in German) for this unparalleled insight into finance, history, and memory.

Capital Matters: Banking, Risk, and HistoryIn this episode, Carmen Hofmann (eabh) speaks with Simon Amrein (Lucerne) about the role of capital in banking—past and present. They explore how banks have historically been funded, whether excessive leverage has made them fragile, and whether more capital really makes banks safer. The conversation touches on the functions and forms of capital, the trade-offs between safety and efficiency, and how capital helps prevent bank runs. They also reflect on how the post-WWII effort to rebuild economies reshaped global attitudes toward financial risk and regulation.

In this episode of 'Finance and History', Hugo Bänziger talks to Olli Rehn, Governor of the Bank of Finland, at the eabh annual conference. Together, they unpack the euro’s historic roots, from the Latin Monetary Union to today’s Economic and Monetary Union. Rehn shares insider insights on the euro’s creation, its crises, and the lessons learned along the way. The conversation also tackles central bank evolution, fiscal discipline, and Europe’s unfinished integration journey. An engaging deep dive into the intersection of financial history and contemporary policy challenges.

In this episode, we dive into how rising populism is reshaping capitalism and democracy. With Stefan Hofrichter (AllianzGI) Hans-Jörg Naumer (Allianz GI)—authors of Capitalism, Populism and Democracy— and Carmen Hofmann (eabh) we unpack the economic roots of today’s populist surge, its historical parallels, and what it means for markets, growth, and inequality.They connect past crises to current trends, revealing how financial history helps unpack the impact of past populist regimes on economic growth and investor behavior—lessons that matter now more than ever.

Is art a safe investment in times of war?In this episode, Kim Oosterlinck (General Director of the Royal Museums of Fine Arts of Belgium) and Carmen Hofmann (eabh) dive into the little-known yet fascinating world of the German art market during World War II. This new research reveals that Germany itself as much as the occupied territories experienced a surprising wartime art boom. Using fresh data, the study uncovers how artworks became a discreet yet powerful investment amid economic uncertainty and Nazi regulation. From black market dynamics to the fate of so-called “degenerate art,” we unpack how paintings turned into both cultural and financial assets. Tune in for a compelling look at how war reshaped the value of art—and what it tells us about crisis economies.