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 History

In 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.

In this episode, Sebastian Alvarez (Universidad Adolfo Ibañez) & Carmen Hofmann (eabh) explore the powerful role of the Brazilian state in shaping the country’s financial system—focusing on the fascinating case of Banco do Brasil.

Far beyond its domestic credit functions, BB emerged as a key player on the international stage during Brazil’s developmentalist era from 1964 to 1982. We’ll uncover how the bank helped manage external imbalances and even sidestepped IMF oversight to support industrialization efforts. This story challenges conventional narratives by highlighting the strategic use of international banking to advance national economic goals. Tune in for fresh insights into Brazil’s unique blend of state power, finance, and global engagement.

Step into the world of German banking from the 1960s to the 1990s—a time of rebuilding, global reintegration, and economic transformation. In this episode of the #eabh Podcast, Matthias Kemmerer (Commerzbank) and Carmen Hofmann (eabh) unpack the fascinating story of how Germany’s financial sector evolved during the post-war Wirtschaftswunder.

A banking system run by ‘Gentlemen’ and their agreements—was it a shield or a stepping stone toward an open economy?
How did Germany balance national monetary sovereignty with global integration?
Why did decision-makers choose NOT to make the Deutsche Mark a global reserve currency?
Was protecting national capital markets from foreign investors the right move?

This era laid the foundation for European integration, proving that monetary sovereignty is often the key to national power. But did Germany make the right calls?

Tune in now to uncover the untold story of finance, strategy, and power. 🎧💡 #FinanceandHistory