Economy

When the euro banknotes change: how it will be

by 2024 banknotes In euros, this will be done in cooperation with the citizens of various countries of the old continent. This was decided by the European Central Bank (ECB), which was informed by its President Christine Lagarde. “Twenty years later – said the French lawyer – It is time to update the appearance of our banknotes so that Europeans of all ages and origins can recognize them.”. Paper money remains a tangible and visual symbol of unity in EuropeEspecially in times of crisis, and as Lagarde emphasizes, ‘Their demand is still intense’.

The process of redesigning the euro banknotes will begin with the organization of discussion areas, the task of which will be to collect the opinions of citizens of all European countries on possible topics for future banknotes. After that, a advisory group Composed of an expert from each European country – specialists in various disciplines already nominated by the European Central Bank – will present a list of the selected topics to the Governing Council. The designs of current euro banknotes are based on the theme of “times and patterns”, represented by windows, doors and bridges.

Based on the recommendations of the advisory group, European Central Bank Public opinion will be asked for its opinion on the selected topics. A design competition for the new banknotes will then be launched, after which Frankfurt will consult the public again and the board will make the final decision. After completing the design process, the board of directors will authorize the production of the new euro banknotes and decide on possible dates for the issuance.

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The latest study on consumer habits in European countries showed that Cash It remained the most popular payment method even in 2019. Although the use of the card has increased during the pandemic, the demand for cash has increased thanks to its primary role as a store of value. “We want to develop euro banknotes that European citizens can identify and use as money.”Explained Fabio Panetta, member of the Executive Committee of the European Central Bank. Banknote redesign process – he added – Together with our researchdigital euro, specifying that “Both projects aim to fulfill the mandate to provide Europeans with safe money”.

Thelma Binder

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