Murav'eva L.A.Financial University under Government of Russian Federation, Moscow, Russian Federation lam1812@mail.ru
Subject The article considers the main areas and specifics of formation and development of the banking system in Medieval Europe. In the Middle Ages, the key economic activities started moving to cities, which became centers of crafts and trade. Objectives The aim of the study is to prove that in the Middle Ages the new cultural and socioeconomic system of European civilization started its formation. Methods The basis of the study was the analysis of works of Russian and foreign scholars on history and economics. Results The expansion of trade and crafts in the 13th century led to the increasing role and importance of money in the European society and stimulated the formation process of centralized national States. The diversity of the medieval money and the need for exchange operations without interfering with the money circulation contributed to the emergence of the moneychanger trade. Exchange shops appeared in many European cities. In the 14th century, people began calling moneychangers the bankers. In addition to exchange operations, bankers traded in precious metals and lent money. Italy was the most economically developed country, as it was located at the intersection of the world trade routes. The developing international relations triggered the development of monetary relations and the banking system. Public banks replaced first private banks. Deposit banks existed in many cities of Italy. The emergence of bills of exchange facilitated banking transactions. Later, banks were opened in other European countries. Conclusions and Relevance The European system was focused on capital accumulation rather than on land property expansion. Nowadays, this trend persists.
Keywords: Middle Ages, money, coin, gold, silver, merchant, trade, town, city, feudalism, king, church, bank, deposit, bill of exchange, insurance
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