Correa has criticized the neoliberal policies of previous presidents, particularly former president Mahuad's adoption of the U.S. dollar as Ecuador's domestic currency in 2000 to combat the country's inflation. Correa has characterized American dollarisation as a "technical error" which has effectively eliminated Ecuador's ability to set its own currency and exchange policy. However, Correa has also acknowledged that it would be politically and economically impossible to abandon that policy now. After his election victory of 15 April 2007, he pledged to maintain dollarisation during the entire four years of his administration, though he also indicated his support for the idea of replacing the US dollar with a regional South American currency at some point in the future.