- published: 14 May 2016
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The Bank of Spain (Spanish: Banco de España), is the national central bank of Spain. Established in Madrid in 1782 by Charles III, today the bank is a member of the European System of Central Banks.
Originally named the Banco Nacional de San Carlos, its first director was French banker François Cabarrus, known in Spain as Francisco Cabarrús.
Following a series of wars between 1793 and 1814, the bank was owed more than 300 million reales by the state, placing it in severe difficulties.
Treasury minister Luis López Ballesteros created a fund of 40 million reales in 1829 against which the bank could issue its own notes within Madrid. It did so after renaming itself Banco Español de San Fernando.
In 1844 the competing Banco de Isabel II and Banco de Barcelona were established, followed in 1846 by the Banco de Cádiz. In 1847 following overexposure in the failing property market of Madrid, the Banco de Isabel II merged with Banco de San Fernando, retaining the latter's name.
Under the guidance of Ramón Santillán in the 1850s, the bank extended its operations to the cities of Alicante and Valencia and took its current name, Banco de España. Requiring financial support from the bank to back its civil and colonial wars, the government of Spain granted the Banco de España a monopoly on the issuance of Spanish bank notes in 1874. Construction of the bank's headquarters building began in the 1880s.
Spain (i/ˈspeɪn/ SPAYN; Spanish: España, pronounced: [esˈpaɲa] (
listen)), officially the Kingdom of Spain (Spanish: Reino de España), is a sovereign state and a member of the European Union located in southwestern Europe on the Iberian Peninsula. Its mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with the British Overseas Territory of Gibraltar; to the north and north east by France, Andorra, and the Bay of Biscay; and to the northwest and west by the Atlantic Ocean and Portugal.
Spanish territory also includes the Balearic Islands in the Mediterranean, the Canary Islands in the Atlantic Ocean off the African coast, and two autonomous cities in North Africa, Ceuta and Melilla, that border Morocco. Furthermore, the town of Llívia is a Spanish exclave situated inside French territory. With an area of 504,030 square kilometres (194,610 sq mi), it is the second largest country in Western Europe and the European Union after France, and the fourth largest country in Europe after Russia, Ukraine and France.
Stevland Hardaway Morris (born May 13, 1950 as Stevland Hardaway Judkins), known by his stage name Stevie Wonder, is an American singer, songwriter, and multi-instrumentalist, a child prodigy who developed into one of the most creative musical figures of the late 20th century. Blind since shortly after birth, Wonder signed with Motown's Tamla label at the age of eleven, and continues to perform and record for Motown to this day.
Among Wonder's best known works are singles such as "Superstition", "Sir Duke", "I Wish" and "I Just Called to Say I Love You". Well known albums also include Talking Book, Innervisions and Songs in the Key of Life. He has recorded more than thirty U.S. top ten hits and received twenty-two Grammy Awards, the most ever awarded to a male solo artist. Wonder is also noted for his work as an activist for political causes, including his 1980 campaign to make Martin Luther King, Jr.'s birthday a holiday in the United States. In 2009, Wonder was named a United Nations Messenger of Peace. In 2008, Billboard magazine released a list of the Hot 100 All-Time Top Artists to celebrate the US singles chart's fiftieth anniversary, with Wonder at number five.
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