Between June 12-14, 2024, Magyar Nemzeti Bank, the National Bank of Hungary hosted the annual general meeting, workshop and conference of the European Association for Banking and Financial History (eabh). On the first day of the two-day event, which was part of a series of jubilee programs celebrating the 100th anniversary of the founding of the MNB, speakers covered the topic of the application of artificial intelligence in archives within the framework of a workshop, while the conference on the second day focused on the topic of hyperinflation. In his opening speech, Csaba Kandrács, deputy governor of the MNB, commemorated Sándor Popovics, the first governor of the MNB, who believed that knowledge of economic history is essential in economic practice.
This year, the European Association for Banking and Financial History (eabh) held its annual conference and workshop in Budapest together with the MNB. The activity of the Frankfurt-based non-profit organization focuses on researching the history of banking and finance, primarily through the procession of the historical background of the banking, financial and insurance sectors. It has over 60 members, including central banks and market actors. Thursday's workshop was opened by the remarks of Zsolt Kuti, executive director of the MNB, which was followed by the presentation and discussion of international research and studies focusing on the application of artificial intelligence in archives, with the participation of scholars from institutions such as Trinity College Dublin, the Dutch National Archives and the British Library.
Friday's conference was opened by Csaba Kandrács, deputy governor of the MNB, commemorating Sándor Popovics, the first governor of the MNB, who believed that knowledge of economic history is essential for economic practice. Csaba Kandrács also recalled the significant hyperinflationary periods of the past decades and emphasized the lessons that can be drawn from them - which can also be applied to today's turbulent times.
After the opening speech by Csaba Kandrács, the conference covered the topic of hyperinflation with the participation of renowned speakers such as internationally renowned hyperinflation researcher of Hungarian origin Pierre Siklós, Princeton University professor Harold James, and former governor of the Central Bank of Argentina Federico Sturzenegger. In his introductory remarks, Hugo Bänziger, chairman of the board of eabh, presented the impact of European hyperinflation following the two world wars in strengthening the economy of neutral Switzerland. Pierre Siklós, scholar of Wilfrid Laurier University in Canada, explained the difficulties of researching hyperinflationary periods and the lessons that can be drawn from them that are still relevant today, using the example of Hungarian hyperinflation in 1945-46, which has been relatively scarcely researched in international comparison. Professor Harold James presented the causes of and struggle against hyperinflation in post-world-war-one Poland and the following political and social consequences, emphasizing that the states of the time were on their own in managing the economic crises. Moritz Kraemer, lecturer of Soas University in London, gave a presentation on the hyperinflationary periods in emerging markets after 1945 and the similarities and differences between them. Governor Federico Sturzenegger presented the hyperinflation periods in Argentina and the official and spontaneous social responses to them, supporting his words with many personal and family memories.
The highlight of the afternoon program of the conference was a panel discussion, which focused on the experience of central banks with hyperinflation since the 1990s. Charles Goodhart, former member of the Monetary Policy Committee of the Bank of England, Nikolay Nenovsky, member of the Governing Council of the Bulgarian Central Bank, Paweł Szałamacha, member of the Board of the Central Bank of Poland, and György Szapáry, chief adviser to the Governor of the MNB, shared their experiences as participants in the conversation. The panel participants recalled the periods of hyperinflation experienced by countries and the monetary and fiscal instruments used in their management, giving examples of both good and bad practices.
The events were attended by nearly 300 international guests and around 50 speakers spoke.
