Banking in Wonderland

Armand Dormael

Chapter 12 in The Power of Money, 1997, pp 141-151 from Palgrave Macmillan

Abstract: Abstract In the chequered history of banking, the emergence of the Eurodollar will remain as the major development since the appearance of banknotes. This banking revolution has hardly transformed the basic functions of the overwhelming majority of Community banks, even when they have nationwide networks. They have simply added departments to handle Eurocurrency transactions. These institutions are still populated by routiniers; very few belong to the gambling type of creative entrepreneurs. Said one of Europe’s major bankers: ‘Deposit banking is, in a way, a boring profession because it pays to be cautious.’1

Keywords: Central Bank; Bank Failure; Banking Community; Legal Tender; Traditional Banking (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14301-6_12

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DOI: 10.1007/978-1-349-14301-6_12

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