The modern banking system has its roots in medieval and Renaissance Italy, particularly the affluent cities of Florence, Venice, and Genoa. The Bardi and Peruzzi families dominated banking in 14th century Florence, establishing branches in other parts of Europe. The most famous Italian bank is the Medici Bank, established by Giovanni Medici in 1397. The oldest bank still in existence is Banca Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472. The development of banking spread throughout the Holy Roman Empire, northern Europe, and the Netherlands. In the 20th century, developments in telecommunications and computing led to significant changes in banks’ operations, allowing them to grow in size and geographic spread. The 2007-2008 financial crisis caused numerous bank failures and sparked debates about bank regulation.