The European Central Bank (ECB) intends to give a new look to euro banknotes, establishing a collaboration with European citizens that should continue until the final decision is adopted in 2024.

The new adoption includes these phases:

• The selection of new images for euro banknotes is expected to take place by 2024
• The ECB will seek the opinion of citizens
• An interdisciplinary team will propose new topics to the Governing Council

The redesign process will begin with the establishment of focus groups in charge of gathering the ideas of citizens throughout the euro area regarding possible topics for future euro banknotes. A consultation group, composed of an expert from each country in the area, will pre-select and then present a series of new topics to the Governing Council of the ECB. The members of the consultation group, already appointed by the ECB on the proposal of the national central banks of the euro area, are specialists in various disciplines, from history to natural and social sciences, from visual arts to technology. The design of the euro banknotes currently in circulation is inspired by the theme “Epochs and styles of Europe”, represented by windows, portals and bridges.

“Euro banknotes will always be part of our lives. They are a tangible and visible symbol of our cohesion in Europe, especially in times of crisis. Furthermore, their demand is still strong. ” ECB President Christine Lagarde said. “After twenty years it is time to renew the appearance of our banknotes so that European citizens of all ages and backgrounds can recognize themselves.”

Once the consultation group’s proposals have been received, the ECB will invite the public to comment on the pre-selected topics. A design competition will then be held for the new banknotes, at the conclusion of which the ECB will address the community again. The final decision will be taken by the Governing Council.

By launching this process, the Governing Council of the ECB is delivering on its commitment to ensure innovative and secure banknotes that maintain a bond with European citizens. The most recent study on consumer payment habits in the euro area highlights that in 2019 cash remains the tool of choice for retail payments made in person. Despite the increase in payments with alternative instruments during the pandemic, the demand for cash has increased, as it plays a fundamental role as a store of value. As part of the 2030 cash strategy, the Eurosystem is taking concrete measures to ensure that cash continues to be widely accessible and accepted as a means of payment, even if the digital euro is introduced.

“We want to design euro banknotes that European citizens can identify with and that they will use while feeling proud of their currency,” said Fabio Panetta, Member of the Executive Committee. “We will conduct the euro banknote redesign process in parallel with the investigation phase of the digital euro project. With both projects we intend to fulfill our mandate to offer a risk-free currency to European citizens. ”

Once the design phase is complete, the Governing Council will authorize the production of the banknotes and decide on possible dates of issue.

We at SDSP are preparing for this change of banknote graphics.