“High-tech banknote series”: ECB steps up to design new euro notes

class=”sc-29f61514-0 kHgAwW”>

In December 2021, the European Central Bank (ECB) started a process for redesigning the ratings. The public should have a say in this matter. According to the information given at that time, the ECB Governing Council wants to decide on the production of new banknotes and when they can be put into circulation in 2024.

Regarding the design of the new banknotes, Panetta told French newspaper Les Echos on Wednesday: “We are considering a range of topics, including European culture, and we will be interviewing the public shortly. Personally, I would like famous Europeans to appear on our future banknotes.”

ECB President Christine Lagarde spoke in favor of this in an interview in February 2022: “Personally, I can very well imagine famous Europeans showing their faces on banknotes: Leonardo da Vinci, Ludwig van Beethoven or James Joyce.”

Unlike previous national currencies, the motifs on current euro notes are relatively simple: buildings that don’t really exist. Since May 2019, the second generation euro notes have been completed with new security features.

Panetta stressed that parallel work on the digital version of the common currency does not mean swan song for cash. “As long as there is demand, we will make the banknotes available to citizens. However, it is conceivable that the digitization of the economy may one day lead to cash marginalization. We cannot take the risk that central bank money will go out of use. That’s why we need a digital euro.”

Panetta said that in October the Governing Council will decide whether to initiate a preparatory phase to develop and test the digital euro. “This phase may take two or three years. If the Governing Council and European lawmakers – member states and members of the European Parliament – agree, we can introduce the digital euro in three or four years.”

(SDA)

Source :Blick