To manage national currencies and ensure financial stability, countries are increasingly relying on central banks. Early examples include Riksbank in Sweden (1668) and the Bank of England (1694). In the 19th and early 20th centuries, more central banks were established, such as the Bank of France (1800), the German Imperial Bank (1876), and the Bank of Japan (1882). In the United States, the Federal Reserve System was established in 1913 to address recurring bank panics and regulate credit. Under the gold standard, central banks were typically granted exclusive rights to issue banknotes, such as the Bank of England becoming the only legal issuer in the mid-19th century, and the Federal Reserve taking on this role after 1913. The central bank also manages gold reserves and maintains a fixed exchange rate, ensuring the convertibility of paper currency and gold is its core responsibility. However, during World War I (1914-1918), many countries suspended the convertibility of gold to finance war expenses through printing money. The United States also suspended domestic gold exchange during the Great Depression of 1933.
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