The National Bank of Belgium Museum

THE CENTRAL BANK : what, how and why ? 2

THE MUSEUM BUILDING : unique architectural heritage 3

THE EXHIBITION : concept and execution 4THE MUSEUM TRAIL : choice of three circuits 5EIGHT MUSEUM EXHIBITS 7IMAGES OF THE MUSEUM 14

© Philippe de Formanoir

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THE CENTRAL BANK : what, how and why ?

ON 15 JANUARY 2018 THE NATIONAL BANK OF BELGIUM’S MUSEUM OPENED ITS NEW, PERMANENT

EXHIBITION ABOUT THE CENTRAL BANK, MONEY AND FINANCE

Thirty-six years ago – in 1982 – the National Bank of Belgium’s Museum opened its doors for the first

time. Today, the National Bank of Belgium has completely renewed its permanent exhibition for the

second time. The new museum presents the central bank’s activities in a way which is as accessible and

interactive as possible. It hands the visitor the keys to acquiring a better insight into the role of the central

bank. What does the central bank do ? How does it operate ? And why is it active in those particular

spheres ? These questions are examined from both a contemporary and an historical perspective.

The NBB is Belgium’s central bank. Since 1999 it has been part of the Eurosystem. It places the coins and

banknotes in circulation, conducts the monetary policy and exercises financial supervision. It also supplies a

great deal of economic statistical material, research and data. The new museum invites visitors to discover

how and why the bank performs each of these tasks, and to try out the tasks for themselves. Everyone can

discover how the economy works and what role the NBB plays by means of interactive games, films, quizzes

and tests.

The subjects presented concern the present day and are sometimes highly topical. They are placed in an

historical context to give a better idea of their importance. History is not presented here for its own sake, but

it helps the visitor to gain a better understanding of the central bank’s sphere of operation. By combining the

contemporary and historical perspectives, the exhibition makes it very easy to understand how the central

bank’s activities influence society and the economy in general, and the finances of every citizen in particular.

The NBB’s museum collection plays the leading role in the historical narrative. Every exhibit – each item, means

of payment, visual image or film fragment – tells the story of one historical question or another concerning

money. It is for the visitor to find out the similarities and differences in relation to today’s financial questions.

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THE MUSEUM BUILDING : a unique architectural heritage

The building which houses the NBB’s new museum is an architectural gem in the heart of Brussels. It was

designed in 1872 by the Brussels architect Désiré Dekeyser for the Union du Crédit de Bruxelles, or the UCB

for short. The UCB was set up by a number of Brussels entrepreneurs and businessmen who, following the

1848 banking crisis, joined forces and established a bank themselves. The bank was a mutual institution: its

shareholders were also its customers. The UCB provided banking facilities, primarily short-term credit, which

entrepreneurs were no longer able to obtain from the large commercial banks at that time.

There are very few 19th century bank buildings in Brussels. The race for modernity and technology had

unfortunate consequences for this architectural heritage, and certainly for the interiors. It is therefore good that

the National Bank has restored the former UCB building at Warmoesberg 57. The restoration was completed

several years ago. By using this impressive building as a museum, the NBB is making sure that it is now once

again open for all visitors to enjoy.

In order to bring sufficient light into the building, Dekeyser followed the example of the nearby St Huberts

gallery. He opted for a glazed canopy comprising two large domes: a circular dome spanning the large

banking hall and an oval dome covering a second, smaller banking hall. Both technically and aesthetically,

this 18 metre high glass roof is a masterpiece. It is supported by a steel structure which forms a barrel vault.

The combination of steel and glass, typical of the period, results in a very elegant building.

The decoration, produced at the time by the workshop of the Parisian sculptor, Georges Houtstont, was

inspired by the Gothic style but was very restrained in its execution. No gold leaf or vivid colours in this bank

building, but a monochrome scheme throughout, emphasising the calm simplicity of the overall design.

The monumental staircase is also impressive. The standard lamps or girandoles were designed by the Brussels

bronze foundry, the Compagnie des Bronzes. Via the staircase, UCB customers could gain access from the

banking halls on the ground floor to the offices of the bank’s managers and staff on the first floor.

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THE EXHIBITION : concept and execution

The result of cooperation The new permanent exhibition is the result of two years of close cooperation between the NBB and four

Belgian firms :

• The scenography was commissioned from the Tijdsbeeld & Pièce Montée consultancy

• The videos and animated films were the work of the Arizona production company

• The firm of Ocular dealt with the hardware, software and audiovisual concepts and development

• The firm of Potteau was responsible for the décor and furniture

The education sector as the principal target Together with the Bank of England museum, the National Bank of Belgium’s Museum is one of the oldest

central bank museums in Europe. Since it was first opened in 1982, the museum has been aimed at schools :

initially just secondary schools, but before long the whole spectrum of lower schools and eventually

universities, too. Guided tours tailored to each group are the key to its success.

The NBB deliberately chose to invest in education and training for young people. It aims to provide students

with the tools which will enable them to acquire sufficient knowledge of economic, monetary and financial

concepts and mechanisms in general, and the activities of central banks in particular.

In addition to the guided tours of its museum, the NBB therefore organises a thematic training seminar for

economics teachers each year, and provides assistance for the schools taking part in the European Central

Bank’s annual Euro Competition.

The NBB considers it important for citizens in general and young people in particular to gain an insight into

the central bank’s sphere of operations. That is good for the Bank itself, too.

The new exhibition is presented in four languages. Groups have always been able to book a free guided

tour. Apart from organised group visits, the museum is also well suited to visits by individuals and families.

It is open every working day during office hours, from 09.00 to 17.00 hrs. Admission is free.

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Chosen forms of presentation and data mediaThe museum chooses a mix of presentation forms and data media, making it accessible to a broad and

diverse public of varying ages and with different levels of previous knowledge. Apart from traditional

exhibition panels and introductory texts etc., visitors can learn a lot from the talk by the museum guide, the

audio guide commentary, the films, games and applications, and the animated lexicon of basic concepts.

Fun and engaging, and always informative.

The new permanent exhibition at the National Bank of Belgium’s new Museum offers everyone the

opportunity for a customised visit and a unique experience.

THE MUSEUM TRAIL : choice of three circuits

Central meeting placeThe museum offers the visitor three different circuits, all starting from the central domed chamber. Here,

visitors congregate and meet their guide, if they have booked one. The eye-catching centrepiece several

metres high is a foretaste of things to come.

Three circuitsVisitors following the first part of the trail find out about the Role and functions of the NBB with particular

attention to the central theme of all its activities: ensuring stability and confidence.

Next on this circuit we find :

• the NBB is part of the Eurosystem

• the NBB is the issuing institution: it issues coins and banknotes

• the NBB conducts the monetary policy so that prices remain stable

• the NBB exercises prudential supervision to ensure the soundness and integrity of financial institutions

• the NBB collects, analyses and publishes economic and financial information

Visitors choosing the second circuit arrive in the Depot : a gallery of documents, objects and art works each

telling a particular story. What do people do with money, and what does money do to people ? Poverty

and wealth, greed and generosity, consumption and saving, money in wartime, love and / or money, art

and money, language and money : the Depot is full of stories that get the visitors thinking. In the Depot,

visitors can also explore the unique, historical collection of drawings and watercolours produced for the

NBB by a whole range of artists in preparation for the NBB’s own product : banknotes. Which were the

topics and people were displayed on this Belgian visiting card, and why ? And how did artists such as

Constant Montald, Xavier Mellery, Anto Carte or Louis Titz shape their designs ?

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The third circuit, "The story of money", is on the first floor of the museum and presents the history of means

of payment, from commodity money and the first banks in Mesopotamia to the introduction of the euro

coins and notes in 2002. Visitors following this trail can see with their own eyes that money has not always

looked as it does today. That immediately gives rise to the question of money’s essential characteristic : what

makes money into money ? The objects displayed here constitute the memory of our economy and our

money in tangible form.

“The story of money” also looks at the way in which our forebears handled money. That was also different

from today : tally sticks, adding up with counters or on the fingers, paying with cowrie shells or cheques are

definitely consigned to the past. Yet visitors following this long timeline will also recognise many similarities

and see connections with the world in which we live today. Concern about maintaining purchasing power,

the security of means of payment, the liquidity and solvency of money changers and bankers, or the cost

of borrowing are timeless subjects.

In this section of the trail, visitors also learn about the life story of eight characters who made history with the

special role that money played in their lives : the legendary King Croesus, Marco Polo, an expert on China,

the innkeeper and broker Robrecht van der Buerse, State banker Barbe Stoupy alias Madame de Nettine,

the writer Victor Hugo, the explorer Morton Stanley, the economist Richard Radford, and the economist and

president of the European Monetary Institute Alexandre Lamfalussy.

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EIGHT MUSEUM EXHIBITS

1. Dilemma Willy SEGERS, assemblage, 2015

Confidence or the lack of it influences people’s economic decisions. In a stable climate, we venture to

engage in business, and borrow or lend money. In short, we risk investing in the future. We have confidence.

When we are unsure where we stand, we have no confidence and we bide our time. In other words, in

the absence of confidence, trading slows down or even comes to a halt. Every central bank is aware of

the importance of stability and confidence for the economy and for the welfare of the citizens. Promoting

confidence is therefore crucial to the activities of the central bank.

Bronze sculpture made from recycled materials, including a spring balance. Confidence propels people forward, a lack of confidence holds them back. © National Bank of Belgium Museum. Photo Philippe de Formanoir.

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2. The miser and DeathFrans II FRANCKEN, oil on copper, ca. 1635

The painting shows the transience of wealth : when death calls, material goods no longer have any value.

In the foreground a rich man is counting his money. He looks up in fear when he sees Death. Death is

represented as a skeleton playing the violin. He rests one foot on an hour glass, indicating that the rich man

has only a short time left to live. This depiction is in line with the tradition of the memento mori motif which

was very popular from the Middle Ages and can be translated as “Remember that one day you will die”.

© National Bank of Belgium Museum.

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3. The cowrie “bank” or counting cowrie shells Postcard, Sudan, ca. 1880-1905

The cowrie shell was an important means of payment and tangible evidence of prosperity and power

until well into the 20th century. The shells have all the characteristics required of money: they are durable,

convenient, divisible, identical, readily recognisable but difficult to copy. In West Africa, they played a key

role in the slave trade. The postcard shows sacks of cowrie shells being tipped out on the ground and

carefully counted at a Sudanese trading post. The law of supply and demand, one of the basic rules of

economics, also largely determines the cowrie’s value. When this photo was taken, 1 000 cowries were

worth 1 franc in Sudan.

© British Museum, London.

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4. Paper flowers and shell moneyCrepe paper flowers and shells, Belgian coast, 21st century

Young holidaymakers produce the paper flowers in the hope of selling them on the beach. Prices vary

from one seaside resort to another, but payment is always made in “hands”, i.e. handfuls of North Sea shells.

However young they are, the children already apply all the rules of commercial trading (law of supply and

demand, discounts, promotion, credit, etc.). The Museum shows the film Der Kreislauf (2014) by the Belgian

photographer and film maker Katrien Vermeire depicting this phenomenon.

© National Bank of Belgium Museum, Photo Philippe de Formanoir.

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5. 1 billion Pengő banknote Hungary, 1946

6. Double gros or vierlander of Philip the Good Hainaut, 1434

Hungary experienced the highest inflation ever. In the peak month of July 1946, prices doubled every

15 hours. The largest banknote in circulation had a nominal value of 100,000,000,000,000,000,000 pengő

(100 trillion).

By an order dated 23 January 1434, the Duke of Burgundy

Philip the Good introduced a uniform monetary system with

the vierlander as the principal silver coin. The name refers to

the four principalities that minted this coin : Brabant, Hainaut,

Holland and Flanders. They were all of the same type with

the same weight and silver content. That is why some people

regard this single currency as the mediaeval “forerunner of the

euro” in the Low Countries.

© National Bank of Belgium Museum, Photo Bernard Daubersy.

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7. The long road to the European single currencyBrussels, 1978

On 5 December 1978 the European Council in Brussels tabled a resolution proposing the European Monetary

System (EMS). That prompted the advocates of a single European currency to demonstrate in front of the

Berlaymont building with banners promoting their cause. One of them reads “Fight inflation with a European

currency”.

© European Commission. Photo Jean-Louis Debaize.

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8. Lithograph for the cover of the journal Pourquoi Pas ? J. OCHS, Georges Janssen, the first chairman of the Banking Commission, 1936

During the Great Depression in the 1930s, many

banks got into difficulties throughout the world,

and action had to be taken. In Belgium, too,

lessons were learnt from the many bankruptcies,

and new rules were introduced. In 1935 the

Banking Commission was set up with the task of

exercising continuous supervision over the banks.

The lawyer Georges Janssen was appointed as

chairman. A few years later he was to become

the governor of the NBB.

© National Bank of Belgium Museum.

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IMAGES OF THE MUSEUM

© Philippe de Formanoir.

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MUSEUM OF THE NATIONAL BANK OF BELGIUM

Rue Montagne aux Herbes Potagères / Warmoesberg 571000 BrusselsTel. : +32 2 221 22 06museum@nbb.bewww.nbbmuseum.be

Photos : The photographs can be downloaded in high resolution via the following link :

www.flickr.com/photos/nationalbankofbelgium/

© Patrick Van Den Branden.