Published online by Cambridge University Press: 09 October 2025
After the First World War, the nations of Europe faced exchange-rate volatility, high national debts, and inflationary pressures. In response, many sought to stabilize the economies through extensive fiscal and monetary reforms. One of the key figures in the reconstruction effort was Henry Strakosch. As the Bank’s informal adviser, he was responsible for devising restructuring plans across Central Europe and the British Empire. Leveraging his connections at the League of Nations, the Bank of England, and the City of London, Strakosch led negotiations that resulted in the establishment of both the Austrian National Bank and the South African Reserve Bank. His work exemplified the institutionalization of economic orthodoxy in circles of influence and heralded the rise of the international financial expert. More broadly, Strakosch’s interventions contributed to the state-building process in the interwar years, as new nations drew on expert knowledge to establish their political legitimacy.
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