eabh, in cooperation with Humboldt University Berlin, hosts a conversation on

Finance & Geopolitics: Great Reversals in History

with Christoph Trebesch (Kiel Institute) and Jörg Rocholl (ESMT), moderated by Carmen Hofmann (eabh).The discussion examines how geopolitical structures shape global finance over the long run, echoing research showing that financial globalization thrives in stable, unipolar systems but fragments during periods of tension and war—when private capital flows often freeze and states step in as dominant financiers, as seen during the world wars and the Bretton Woods era. These patterns resonate with insights from Rajan & Zingales, Langfield & Pagano, and Goodhart, whose reminder that “banks are international in life but national in death” feels especially relevant in today’s environment of fragmentation, diverging regulatory regimes, and renewed strategic competition. As debates over the future of national banking champions—from past speculation about Deutsche Bank’s attractiveness to U.S. acquirers to more recent discussions around Commerzbank and UniCredit—increasingly carry geopolitical weight, the central question emerges: Is the state reclaiming power in global finance?

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