The European Central Bank is often characterized as an engine room. Meticulously regulated decision-making processes and long planning cycles particularly characterize the development of new banknotes for the Eurozone. From around 2029 onwards, new notes will be available, which will be more counterfeit-proof, more durable and, as far as the motifs shown are concerned, more colorful. The ECB is guided by suggestions from the public. In a summer survey with more than 20,000 participants from the Euro states, most people were in favor of using the topics “European culture”, “Rivers: water of life in Europe” and “Birds: free, resilient, inspiring”. to use as a basis for developing the motifs.
“The selected topics create a connection between Europe and the people living here,” said ECB President Christine Lagarde. This fits well with the goal that the new banknotes should appeal more to all people in Europe. Unlike previous national currencies, the motifs on the current euro banknotes are comparatively sober: fictional buildings. The first euro banknotes were issued on January 1, 2002. Since May 2019, the second generation of euro notes has been complete with new security features. In December 2021, the ECB started planning to redesign the notes again.
In the end the question is: What exactly is “European culture”?
By the end of 2024, an advisory group will propose motives for the selected topics. A design competition will then take place. Citizens should then be asked again for their opinion. The ECB is expected to make the decision on the final design and timing of production and issue of the new banknotes in 2026. It will then take another two to three years until the new notes come into circulation.
Until then, there will be tough debates and some lukewarm jokes: First of all, of course, all Euro states have a lot of “European culture” to offer as a matter of self-image. But you first have to agree on what exactly this means. Since the number of banknotes (fives, tens, 20s, 50s, 100s and 200s) is manageable, there are likely to be members who subsequently feel disadvantaged because their cultural heritage is not taken into account. The rivers also harbor potential for conflict: Rhine or Danube? Loire or Po? Moldova or Neckar? Isar or Spree?
Of course, there is a similar variety of designs for birds: nightingale, cuckoo, owl, eagle or bullfinch, what could it be? Public finances in the eurozone are poor and even euro central banks are making losses. Nevertheless, the bankrupt vulture should be ruled out.