Many people are worried about having to say goodbye to all the euro banknotes. What lies ahead in reality is not much different from something we have already experienced, not even a long time ago. When it comes to saying goodbye to banknotes, the fear always rises, but the European Central Bank ordered studies that, in fact, go in the opposite direction.
According to what has been shown from studies and surveys, in fact, the demand for cash in the European Union never decreases. Despite the extensive use of electronic money now, banknotes are still widely used in all member countries. And for this very reason, a study group was launched last December that will lead us to bid farewell to the current banknotes: what lies ahead?
Goodbye to all euro banknotes: this is what awaits us
What awaits us is a whole new exchange of euro banknotes. The study group launched in December 2021 has the mission to develop new and attractive graphic design for new generations and banknotes in materials that allow to reduce waste generated in renewal cycles for themselves. A daunting task, but one that may be essential to the continuation of the European Monetary Union.
In practice, as already happened a few years ago, we are preparing to see the euro banknotes completely replaced by a new series. Don’t worry: Just as with the original series released in 2002, those who still have Series 1 or 2 banknotes – the European Series that nearly replaced the first – will be able to use them to spend and save. However, there is a possibility that at least one cut will disappear permanently.
Euro banknotes that will disappear? here any of them
There is still no official news about the disappearance of the euro banknote. However, we know that in 2019, the moratorium on 500 euro banknotes was completed, and banks were also withdrawn to help citizens and governments implement rules to avoid money laundering. We remind you that the limit for cash transactions has been raised to 1,000 euros. The 500 euro banknotes were also of little use.
Both reasons – to discourage money laundering and withdraw a few used banknotes – can serve as the basis for withdrawing another banknote, which is 200 euros. The 200 Euro banknote is the yellow note, but may not be included in the new series. We just have to wait: the work of the ECB study group is due to expire in 2024, and no new fiat currencies should be put into circulation before 2025.
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