Thank you for the \! hint, Pavel, didn't know about that! Is it possible to have a pure SQL solution? (To avoid having to install "sed" on my Win 10 PC)
Maybe by using EXECUTE? EXECUTE REGEXP_REPLACE( $localize$ CREATE OR REPLACE FUNCTION my_func() RETURNS text AS $func$ SELECT '$(placeholder)'; $func$ LANGUAGE sql IMMUTABLE; $localize$, '\$\(\w+\)', 'English word', 'g'); Unfortunately, I get the error: ERROR: prepared statement "regexp_replace" does not exist