11th Century: Norman expansion leads to the foundation of the Exchequer and forms the syncretic basis for the 13th century Hanseatic League
12th century: French expansion against the Anglo-Normans. France entrusts finances to the Knights Templar to compete with the English
13th century: French deficits due to war with the English leads them to tax the clergy, resulting in the Avignon captivity of the papacy. The Hanseatic league is established, laying the foundations for free trade.
14th century: Papacy recovers from the Avignon captivity, re-establishing itself in Rome with massive deficits, prompting the Pope to expand revenues from Indulgences and Chancery taxes