European Central Bank Plans To Redesign Euro Banknotes After 20 Years

Illustration of euro banknote. (Pixabay/analogicus)

JAKARTA - If nothing changes, the European Central Bank (ECB) will choose a new design for the euro banknote in 2024, the central bank official said.

The euro was first introduced in 1999, with coins and banknotes being launched three years later in 2002.

"After 20 years, it's time to review the look of our banknotes to make them more suitable for Europeans of all ages and backgrounds," explained ECB President Christine Lagarde in a statement, citing Euronews Dec. 6.

"They are a real and visible symbol, we stand together in Europe, especially in times of crisis and there is still a strong demand for them."

Current banknotes are based on "the theme of 'age and style', represented by windows, doors, and bridges," the ECB said.

The Frankfurt, Germany-based bank will set up a focus group to gather opinions from people across the euro area, on possible themes for future banknotes.

An advisory group with one expert from each eurozone country will then submit a list of new themes. These experts come from fields such as history, natural and social sciences, fine arts, and technology.

Illustration of euro banknote. (Unsplash/Ibrahim Boran)

The bank will then call the public for their input on the selected theme. A design competition will follow before the public is consulted once again. Then, the ECB's governing board will make a final decision before new notes are issued.

"We wanted to develop euro banknotes that Europeans could identify with and would be proud to use as their money," ECB Executive Board member Fabio Panetta said in a statement.

"The process for redesigning the euro banknote will run in parallel with our investigation into the digital euro. Both projects aim to fulfill our mandate of providing safe and secure money to Europeans."

Separately, a spokesperson told Euronews, this is the first full redesign of the euro banknote in two decades.

"Since the launch of the euro banknote, this is the first time we have launched a process to redesign the theme and design of the euro banknote," he said.

"Previously, with the Europa Series 2, we only updated the design to accommodate the various new and enhanced security features, which will also make it easier to differentiate between the two existing series."