Final answer:
The economic center of Europe shifted from Spain and Portugal to Italy due to the growth of the banking industry during the Age of Exploration.
Step-by-step explanation:
The growth of the banking industry during the Age of Exploration shifted the economic center of Europe from Spain and Portugal to Italy. As the banking sector in Italy expanded, cities like Florence became the financial hubs of Europe, attracting wealthy merchants and leading to significant economic growth. The Italian city-states monopolized trade with the Muslim world, accumulating great wealth from the spice trade via the Silk Road, which prompted other European countries to challenge their dominance and seek new trade routes.