Reserve currency before the beginning of the worldwide credit crunch related recession and Eurozone crisis, which harmed the euro and slowed its adoption. Since 2009, the reserve currency use of the euro has continued to drop, down to 23.9 percent in 2013. The Dutch guilder was the "de facto" reserve currency in Europe in 17th and 18th centuries. The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century. The emergence of the USA as an economic superpower, and the establishment of the U.S. Federal Reserve System
Currency substitution effect of this regulation on the pattern of currency substitution depends on the public's expectations of macroeconomic stability and the sustainability of the foreign exchange regime. Currency substitution Currency substitution or dollarization is the use of a foreign currency in parallel to or instead of the domestic currency. Currency substitution can be full or partial. Most, if not all, full currency substitution has taken place after a major economic crisis, for example, Ecuador and El Salvador in Latin America and Zimbabwe in Africa. Some small economies, for whom it is impractical to maintain an independent currency, use those of their