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In page Central bank:

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The 19th and early 20th centuries central banks in most of Europe and Japan developed under the international gold standard. Free banking or currency boards were common at the time.[citation needed] Problems with collapses of banks during downturns, however, led to wider support for central banks in those nations which did not as yet possess them, for example in Australia.[citation needed] In the United States, the role of a central bank had been ended in the so-called Bank War of the 1830s by President Andrew Jackson.[13] In 1913, the U.S. created the Federal Reserve System through the passing of The Federal Reserve Act.[14]