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The Evolution of Banking

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The Fugger Bank (15th-16th Century)

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First notable family-owned banking enterprise in Europe, significantly boosted trade and economy.

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The Medici Bank (1397)

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Introduced the double-entry bookkeeping system, crucial for modern accounting.

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The Bank of England's Establishment (1694)

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Acted as the government's banker and debt-manager, setting a precedent for central banks.

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The Gold Standard (1870s)

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Stabilized exchange rates and reduced the risk of currency devaluation, facilitating international trade.

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The Great Depression (1930s)

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Led to comprehensive banking reforms, including the Glass-Steagall Act, to prevent future crises.

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The Bretton Woods System (1944)

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Established the International Monetary Fund (IMF) and a new global financial order after WWII.

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Credit Cards (1950s)

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Revolutionized consumer finance by allowing deferred payment and extending consumer credit.

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Electronic Banking (1960s)

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Introduced ATMs and electronic transaction processing, significantly enhancing banking convenience.

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Deregulation in the 1980s

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Led to greater competition and innovation in the banking industry, but also increased risk of financial crises.

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Internet Banking (1990s)

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Enabled 24/7 banking services online, making financial transactions and information accessible from anywhere.

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The Introduction of the Euro (1999)

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Consolidated currency among multiple European nations, simplifying cross-border transactions and policy.

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Subprime Mortgage Crisis (2007-2008)

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Resulted in widespread defaults and foreclosures, leading to greater regulatory oversight and banking reforms.

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Blockchain and Cryptocurrency Emergence (2009)

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Introduced Bitcoin, challenging traditional banking with decentralized financial systems.

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Mobile Banking Surge (2010s)

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Accelerated the shift to digital banking, vastly increasing accessibility and leading to branchless banking models.

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PSD2 Directive (2016)

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Mandated open banking in the EU, allowing third-party providers to access bank data and operate financial services.

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Quantitative Easing Post-2008

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Central banks purchased securities to inject liquidity into economies, aiming to stimulate economic growth.

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Negative Interest Rates (2010s)

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Some central banks set negative rates in attempts to encourage investment over saving and stimulate economic growth.

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COVID-19 Pandemic Impact (2020)

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Accelerated digital banking adoption and compelled banks to adapt operations for a socially-distanced reality.

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