As of: December 6th, 2021 1:54 p.m.
The European Central Bank wants to redesign the euro banknotes 20 years after their introduction. The opinion of the citizens in the countries with the common currency should also be heard.
The European monetary authorities want to give the euro banknotes a new design. 20 years after the introduction of euro cash, the European Central Bank (ECB) is initiating a process of redesign. The central bank will “work with European citizens in a process that should lead to a final decision in 2024,” the ECB announced today.
The design of the current banknotes is based on the theme of “Ages and Styles”: An epoch of European cultural history is depicted on all banknotes – from the classic to the modern buildings of the present. The structures on the banknotes are fantasy products and do not actually exist. In every euro area, however, there are buildings that have comparable characteristics. Whether this could also be the case in the future remained open at first.
Multi-stage process planned
After 20 years, it is time to take a close look at the design of the banknotes, said ECB President Christine Lagarde. They should be designed so that Europeans could better identify with them, regardless of their age or cultural background.
A multi-stage redesign process is planned: In the first step, according to the ECB, so-called focus groups will be formed. Its task is to seek opinions from citizens across the euro area on possible topics for future banknotes. A thematic advisory group, made up of an expert from each euro area country, will then propose a selection of new topics to the Governing Council. Member of the group is, among others, the German professor of information design, Lisa Borgenheimer.
Second generation of banknotes complete since 2019
The ECB will then seek public opinion on the selected topics. A design competition for the new banknotes will then take place. The final decision will be made by the Governing Council: “We want to develop euro banknotes that the citizens of Europe can identify with and that they use with pride,” said ECB Director Fabio Panetta.
The second generation of euro banknotes was completed in 2019. The security features of the notes had previously been revised and expanded to protect against forgery. The motifs on the banknotes have been preserved, the colors of the notes have not changed either.