Banking In The United States Compared With Banking In The European Union

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...most simplistic of terms, banking, regardless of where it is found in the world is based on the idea that because humans society has evolved in ways that require a system of legal tender rather than simple barter, it is necessary to have a place for that tender, money, to be kept. An encyclopedic description of what a bank actually is would be that it is a financial intermediary that accepts, transfers, and, most important, creates deposits. This includes such depository institutions as central banks, commercial banks, savings and loan associations, and mutual savings banks (Encarta). Such a description offers the most commonly-agreed upon definition of the purpose of a bank but, of course, banking is significantly more complicated than being an institution that serves as a storage facility for peoples earnings and savings.
There can be no simple statement of what is normal or what is always the truth in the realm of financial institutions. In fact, it is difficult to even begin to outline and explain how the financial system of institutions,...

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