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The Evolution of Banking
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The Fugger Bank (15th-16th Century)
First notable family-owned banking enterprise in Europe, significantly boosted trade and economy.
The Medici Bank (1397)
Introduced the double-entry bookkeeping system, crucial for modern accounting.
The Bank of England's Establishment (1694)
Acted as the government's banker and debt-manager, setting a precedent for central banks.
The Gold Standard (1870s)
Stabilized exchange rates and reduced the risk of currency devaluation, facilitating international trade.
The Great Depression (1930s)
Led to comprehensive banking reforms, including the Glass-Steagall Act, to prevent future crises.
The Bretton Woods System (1944)
Established the International Monetary Fund (IMF) and a new global financial order after WWII.
Credit Cards (1950s)
Revolutionized consumer finance by allowing deferred payment and extending consumer credit.
Electronic Banking (1960s)
Introduced ATMs and electronic transaction processing, significantly enhancing banking convenience.
Deregulation in the 1980s
Led to greater competition and innovation in the banking industry, but also increased risk of financial crises.
Internet Banking (1990s)
Enabled 24/7 banking services online, making financial transactions and information accessible from anywhere.
The Introduction of the Euro (1999)
Consolidated currency among multiple European nations, simplifying cross-border transactions and policy.
Subprime Mortgage Crisis (2007-2008)
Resulted in widespread defaults and foreclosures, leading to greater regulatory oversight and banking reforms.
Blockchain and Cryptocurrency Emergence (2009)
Introduced Bitcoin, challenging traditional banking with decentralized financial systems.
Mobile Banking Surge (2010s)
Accelerated the shift to digital banking, vastly increasing accessibility and leading to branchless banking models.
PSD2 Directive (2016)
Mandated open banking in the EU, allowing third-party providers to access bank data and operate financial services.
Quantitative Easing Post-2008
Central banks purchased securities to inject liquidity into economies, aiming to stimulate economic growth.
Negative Interest Rates (2010s)
Some central banks set negative rates in attempts to encourage investment over saving and stimulate economic growth.
COVID-19 Pandemic Impact (2020)
Accelerated digital banking adoption and compelled banks to adapt operations for a socially-distanced reality.
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