The Historic Taula de Canvi in Barcelona is regarded as one of Europe’s first centralized banks. The bank, which has been around since the early 15th century served as Barcelona’s primary public bank until its closure in the late 19th century. The Bank itself was created on demand of the council of 100, who called for a centralized bank for the city. After its establishment in 1401 the bank served as the largest source for government funding. In addition, taxes and public expenses were recorded through the Taula’s system. The Taula de Canvi also played a vital role in the economy of the Crown of Aragon. Medieval economy flourished on centers of trade with merchants from all over the Mediterranean Sea setting up shop in the port of Barcelona. Of course, that meant that some sort of standardized currency exchange had to be created. In stepped the Taula. (In fact, that’s how it got the name, Taula de Canvi translates to table of conversions)
After the Catalan Civil War, the Taula underwent significant reforms. The biggest one of these reforms was that the bank could no longer fund the government or public officials. Though documents from the 16th century are few and far between, 17th century sources indicate that the bank remained in operation with these policies.
One of the biggest blows to the bank occurred at the end of the War of the Spanish Succession. The Bourbon victors stripped the Taula of most of its actual powers, and the bank became a figurehead with limited monetary authority until 1867, when the bank was officially dissolved.
A visit to the former Taula is a wonderful treat that students of business and finance would enjoy. Observing one of Europe’s most successful banks (Especially one that’s not associated with the name Medici) can easily complement study abroad lessons. Stand in a building and a bank older than the United States! See what makes the world go round by studying abroad in Barcelona!
Catalonia Working Group on Central Banks. (2024, February). CACEB Report II: The Taula de Canvi. A monetary perspective. https://bancacentral.cat/wp-content/uploads/2024/02/CACEB_Report_II_Taula_de_Canvi.pdf