> In North America, we have money in companies, hedge funds, etc. In Europe, banks are the major depository. But then, banks put those deposits to work in comp

> In North America, we have money in companies, hedge funds, etc. In Europe, banks are the major depository. But then, banks put those deposits to work in companies, hedge funds etc., so it amounts to the same, with an intermediate which mitigates risks (not perfectly as illustrated here) and takes a fee.