在19世纪中叶，新一代央行成立的实质是管理支付系统和稳定脆弱的银行系统。 这就是德意志帝国银行（成立于1875年）成立背后的动机，它是对1873年股市和金融崩溃作出的一次回应。
This was the motivation behind the founding of the German Reichsbank (1875), which was a response to the stock-market and financial collapse of 1873, and the US Federal Reserve System (1914), which was established in the wake of the major financial crisis of 1907.