More Than Money – From dusty archives to a published book

As the Nordic Investment Bank (NIB) marks 50 years of operations, the Bank is pleased to announce the publication of More Than Money, a history book documenting NIB’s evolution.

In More Than Money, American historian Byron Z. Rom-Jensen examines how NIB has evolved alongside the changing needs and priorities of the Nordic–Baltic region. The book is the first comprehensive history of NIB written by an academic historian. Rom-Jensen was granted access to the Bank’s archives and conducted his research independently.

Byron Z. Rom-Jensen is a postdoctoral researcher at the University of Oslo whose work focuses on the international history of the Nordic countries and the ways Nordic identity has been shaped throughout the twentieth and twenty-first centuries.

In February 2023, Rom-Jensen, who was then working at the University of Helsinki’s Centre for Nordic Studies, contacted NIB about a visit to the Bank for his students. During these conversations, the idea of writing a book about NIB emerged. Discussions developed over the following months, and the author contract was signed in October 2023.

What inspired you to write a book about NIB?

“My interest in NIB began before my first contact with the Bank. While researching democracy initiatives in the Baltics and north-west Russia, I came across NIB’s role in supporting a major international conference for women and democracy in 1999.”

“What struck me was that despite its influence, neither I nor many of my colleagues had heard much about the Bank, even though I was a historian of contemporary Nordic society. That convinced me there was an important piece of Nordic–Baltic history that had not yet been fully told.”

How did you approach researching NIB’s history?

“I wanted to place NIB within the broader story of how the Nordic–Baltic region had developed. Looking at that wider context not only provided new perspectives on Nordic co-operation and later Nordic–Baltic relations but also helped explain why the Bank evolved in the directions it did.”

“At a more practical level, much of the material had not been used in historical research before, so working through the archives in the basement of NIB’s headquarters felt a bit like an archaeological dig. I spent around ten days there in total, and at times I was literally brushing dust off the documents.”

What were the biggest challenges in turning NIB’s story into a book?

“I initially thought the biggest challenge would be creating a cohesive story. I didn’t want to simply list loans issued or bonds completed. Instead, I wanted to tell the story of how NIB has grown and changed. After all, how do you write a compelling narrative about a bank?”

“In the end, it proved simpler than I expected. The Bank has always had a clear mandate at its core, and even as that mandate evolved, it remained central to NIB’s purpose. Following that development made telling the story of the Bank relatively straightforward and, I hope, engaging.”

How did you avoid banking jargon?

“I’m not an economic historian, nor have I worked in banking, so understanding some of the Bank’s records required a lot of reading between the lines. But that outsider perspective proved an advantage. It encouraged me to write a book that would be accessible to readers both inside and outside the Bank, and to explain what key concepts really meant and how they evolved.”

What was the most surprising thing you discovered during the writing process?

“What surprised me most was how much debate surrounded the Bank in its early years. Today, NIB is a highly respected international financial institution, but when it was established, it was the subject of constant scrutiny, discussion and criticism. It represented a bold new step in Nordic co-operation.”

“During its first years, there was hardly a session of the Nordic Council without a heated debate about the Bank’s performance or even its purpose. The fact that NIB has since stepped out of that political spotlight says a great deal about its ability to deliver results and adapt.”

What do you hope readers will take away from the book?

“I hope readers realise that there was nothing inevitable about the creation of NIB. The Bank very nearly never saw the light of day, as several proposals for a common Nordic bank were rejected before NIB was finally established.”

“The Bank has since continued to evolve, adapting to changing economic conditions and the needs of the Nordic–Baltic region. Its history is a story of constant change and adaptation over the last 50 years.”

You can download the complete book here (PDF).