By the year 2024, the European Central Bank (ECB) will choose a new design for euro banknotes.The eurozone currency was originally established in 1999, followed by the introduction of coins and banknotes in 2002. In a statement, ECB President Christine Lagarde stated, “It’s time to evaluate the look of our banknotes after 20 years to make them more accessible to Europeans of all ages and backgrounds.”
“They are a concrete and visible sign of Europe’s unity, especially during times of difficulty, and there is still a tremendous demand for them.” The current banknotes include “an ‘ages and styles’ theme, illustrated by windows, gateways, and bridges,” according to the ECB. The Frankfurt-based bank will hold focus groups to obtain feedback on potential future banknote themes from people all throughout the eurozone.
After that, a selection of fresh subjects will be submitted by an advisory panel comprised of one expert from each eurozone member. History, natural and social sciences, the visual arts, and technology are among the specialists. The bank will then seek public feedback on the themes that have been nominated.
Before the public is consulted again, a design competition will be held. Before the new banknotes are printed, the ECB’s governing council will make a final decision. In a statement, ECB Executive Board member Fabio Panetta said, “We aim to design euro banknotes that European citizens can identify with and be pleased to use as their money.”
“Our inquiry into a digital euro will run concurrently with the process of redesigning euro banknotes.” Both programs strive to fulfill our objective of providing Europeans with safe and secure money.” According to a spokesman for Euronews, this is the first time in two decades that the Euro banknotes have been completely redesigned.
“This is the first time since the debut of the euro banknotes that we are commencing the process to rethink the themes and design of the euro banknotes,” she said. “We merely redesigned the design with the Europa Models 2 to accommodate a range of new and better security features, which will also make it simple to distinguish between the two existing series.”