ECB asks for proposals: Helping citizens design new euro banknotes

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Europeans can give their opinion on subjects for the next series of euro banknotes on the website of the European Central Bank (ECB) until the end of August, the central bank announced in Frankfurt on Monday. “Our single currency and our common European identity are closely linked,” said ECB President Christine Lagarde. “We want people in Europe to identify with the design of the euro banknotes. Therefore, they will be actively involved in the selection of the new topic.”

You can choose from seven different themes, including European culture, birds as a symbol of unlimited mobility, rivers or hands. In parallel with the survey on the ECB’s website, an opinion poll on behalf of the central bank conducts a representative survey in the euro area on the proposed topics.

In December 2021, the ECB started a process to redesign the banknotes. Central banks regularly develop new series of banknotes to make counterfeiting more difficult.

The ECB also wants to reduce the environmental impact. For example, the bills must have a longer life. “The declared goal is to prevent counterfeiting and to reduce the environmental impact of banknotes,” said Fabio Panetta, member of the Executive Board of the ECB.

However, it will take a few more years for people to get their hands on the new bills. The Governing Council of the ECB intends to select the theme for the next generation of banknotes in 2024. A design competition will then take place.

Citizens would then have to be asked for their opinion again. The central bank is expected to make a decision in 2026 on the future design and timing of production and issuance of the new banknotes. Experience shows that it then takes two to three years before the new banknotes come into circulation.

In contrast to previous national currencies, the motifs on current euro banknotes are relatively sober: buildings that do not actually exist. On 1 January 2002, the first euro banknotes were issued. Since May 2019, the second generation of euro banknotes is complete with new security features.

(SDA)

Source: Blick