First summarize the article and then show how different is money creation process explained in this article by the Bank of England the central bank of the United Kingdom (600-700 words)
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf
Between the two monetary system pay attention to the following differences in naming the measures of money:
M0 in the British system is what we call B the monetary base in the US which is equal to currency+ Reserves.
What we call M0 in the US Currency+ deposits is called MZM in the UK.
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