This is history as I never came across, and I am not ill informed regarding the epochs described. This describes the provenance of ultimately both the City of London and surely the Vatican as well. If this is unclear to you, you need to do a lot of reading.
We have here the usual explanations around central banking as a tool for control although i am less convinced. The body of credit has its own life and that is often unstoppable by any man's hand.
What is important is that the big money moved from Venice to London which makes excellent sense as the global centre of trade was now there. Today think Singapore as well.