April 2 (Bloomberg) -- Ecuador's decision to adopt the U.S. dollar has been ``a complete failure,'' benefiting the wealthy while creating too few jobs, President Rafael Correa said.

``We've stabilized at price levels that are far too high,'' Correa said in Guayaquil, where he is providing details about his economic plan. ``The dollar has been a complete failure.''

Ecuador adopted the U.S. dollar as its official currency in 2000, a year after defaulting on $6.5 billion in debt. The U.S. currency offered a stability that attracted investors, revived the banking system and helped slash inflation to 2.9 percent last year from 108 percent in 2000.

To contact the reporters on this story: Matthew Walter at in Guayaquil at Mwalter4@bloomberg.netTheresa Bradley in Caracas at tbradley7@bloomberg.net.

Last Updated: April 2, 2007 19:05 EDT