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In Europe, many of the major banks failed, leading to currencies collapsing due to the Great Depression.

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Detailed Solution

The above statement is true.
In Europe, many of the major banks failed, leading to currencies collapsing due to the Great Depression. The withdrawal of people's loans affected the remainder of the planet. Although in numerous ways in Europe, it led to the failure of some successful banks. Therefore the collapse of currencies like the British monetary unit. The North American nation decided to shield its economy from the depression by doubling import duties. Unable to recover investments, collect loans and repay depositors, thousands of banks went bankrupt and were forced to shut down.

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