Abstract
Abstract The recent debate on the structure of financial systems created harsh criticism of the business policy of the great universal banks. Economists as well as prominent experts in banking demanded a strict control of their business or even their liquidation. On the other hand, the banks themselves, together with representatives of economic interest groups, defended the status quo. Their argument is that the universal banking systems created great benefits for the economy in several central European countries during the last 150 years. Historical evidence, however, reveals that this is not true. Universal banks were not an instrument to stabilize economies in times of crises. On the contrary, crises were aggravated by their business policy on several occasions. In sum, historical analysis shows that the actual business operations and influence of universal banks in modern economies have to be scrutinized closely.
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