The European Central Bank (ECB) announced this week that it plans to redesign its euro banknotes. The redesign process will see a theme picked for future banknotes and, once a new theme has been picked, a design competition will be held.
The European Central Bank has announced its decision to redesign euro banknotes. The eurozone currency was first released in 1999 as an accounting currency, with banknotes and coins being introduced on New Year’s Day, 2002. “Euro banknotes are here to stay. They are a tangible and visible symbol that we stand together in Europe, particularly in times of crisis, and there is still a strong demand for them,” said ECB President Christine Lagarde. “After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds.”
The redesign process will start with focus groups that will gather opinions and suggestions from people across the 19 eurozone countries. A theme advisory group has been appointed by the ECB, which is made up of 19 experts (one from each eurozone country) appointed on recommendations from national banks, who will then present a shortlist of themes to the ECB’s Governing Council. The 19 experts are academics from a variety of fields, including history, natural and social sciences and the visual arts. The member of the advisory group for Germany is Lisa Borgenheimer, a professor of information design at the Offenbach am Main College of Design.
Following the advisory group’s proposals, the ECB will ask the public for their opinions on the shortlisted themes. A design competition will then take place, with the Frankfurt-based bank again consulting the public. However, the ECB’s Governing Council will ultimately make the final decision.
The ECB has yet to determine the release date of the new euro banknotes but has said it hopes to select a new design and issue the new notes by 2024. "Since the launch of the euro banknotes, this is the first time that we are launching the process to redesign the themes and the design of the euro banknotes," said a spokeswoman. The current euro design reflects an “ages and styles” theme, represented by windows, doorways and bridges.
A recent study on the attitudes towards payment options has revealed that cash was the most popular payment option in 2019 and, despite the coronavirus pandemic which has seen many stores go cashless, the demand for cash has risen. "We want to develop euro banknotes that European citizens can identify with and will be proud to use as their money," said ECB Executive Board member Fabio Panetta. "The process to redesign the euro banknotes will run in parallel with our investigation on a digital euro. Both projects aim to fulfil our mandate of providing safe and secure money to Europeans."