The European Central Bank announced on Monday that it intends to redesign euro banknotes, with a final decision due in 2024.
The euro was first issued in monetary form in 2002, with banknotes featuring generic windows, entrances, and bridges from various eras that don’t depict any specific place or monument, according to the Frankfurt-based euro area’s central bank. In that time, they’ve only received one tiny upgrade.
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.”
“Euro banknotes are a concrete and visible symbol that we stand together in Europe, especially in times of crisis,” she added, adding that there is still a huge demand for them.
The ECB announced that it will form focus groups to solicit feedback from individuals across Europe on potential themes for future notes. The ECB’s governing council will then receive a shortlist of suggested new subjects from a “theme advisory group” made up of one expert from each eurozone member.
The bank said it will seek public feedback on the suggestions before holding a design competition for the new banknotes and consulting the public once more. The bank’s governing council will make the final decision and determine when fresh banknotes will be produced.
