The euro banknote has faced a redesign for the first time since its introduction 20 years ago, with plans to make the currency “closer to Europeans of all ages and backgrounds.”
this European Central Bank (ECB) said that before making a final decision in 2024, it is consulting with citizens from the 19 countries that use them to begin the process of choosing a new design for the banknotes.
It stated that in the process expected to take several years, expert groups from each member state will form an advisory group to propose a new topic to replace the current series of notes based on the topic of “age and style”. Depict windows, doorways and bridges.
The group will start a series of focus groups with the task of collecting opinions from people across the eurozone on possible topics for future bills.
The President of the European Central Bank, Christine Lagarde, said that despite the increase in cashless payments during the coronavirus pandemic, euro banknotes “will continue to exist”.
“They are tangible and visible symbols that we stand together in Europe, especially in times of crisis, and there is still a great demand for them,” she said. “Twenty years later, it is time to re-examine the appearance of our banknotes and bring them closer to Europeans of all ages and backgrounds.”
This process will mark the first major overhaul of the images used on euro banknotes since the euro began to circulate in physical form in 2002, when banknotes of 5 to 500 euros replaced the currencies of 12 member states including French francs and German marks. And Italian lira.
Windows, porches and bridges were chosen to symbolize the European spirit of openness, cooperation and communication.
The membership of the Eurozone has increased to 19 countries, the most recent of which was Lithuania in 2015. The 2013 banknotes have been completely renewed and include more recent security features, including Watermarked portrait of the Greek goddess Europa, Although the original “age and style” theme still exists. The new “Europa” series does not include 500 Euro banknotes.
Unlike banknotes, Euro coins have a standardized obverse and a reverse image of each member state, with specific national images-such as Mozart in Austria, Celtic harp in Ireland, and eagle surrounded by European stars in Germany.
The banknote redesign process requires the approval of the European Central Bank Management Committee, which represents each of the 19 member states, and this process can be lengthy.
The European Central Bank said that the advisory group responsible for the development of the new theme was appointed on the proposal of the central banks of the euro zone, with members from history, natural sciences and social sciences, visual arts and technology and other fields.
Once a new theme is proposed, it will call on the public to comment on the shortlisted ideas. A competition for the design of new banknotes will follow, after which the European Central Bank will again solicit public opinions. The Central Bank Management Committee will make the final decision.
Fabio Panetta, a member of the European Central Bank’s Executive Committee, said: “We hope to develop euro banknotes that European citizens can recognize and will be proud of using it as their currency.”
“The process of redesigning the euro banknote will be carried out at the same time as our investigation of the digital euro. Both projects are aimed at fulfilling our mission of providing safe and reliable funds to Europeans.”
