According to a European Central Bank (ECB) press release, the redesign process will start with the creation of focus groups, tasked with gathering opinions from people across the The name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. area on possible themes for the future euro banknotes. A theme advisory group with one expert from each euro area country will then submit a shortlist of new themes to the ECB’s Governing Council. The members of the advisory group have already been appointed by the ECB based on proposals from euro area In general, the expression refers to the central banks of different countries., and are drawn from diverse fields such as history, natural and social sciences, the visual arts and technology. Current euro A banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. designs are based on an “ages and styles” theme, represented by windows, doorways and bridges.
“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.”
Following the proposals from the advisory group, the ECB will call on the public for their input on the shortlisted themes. A design competition for the new banknotes will follow, after which the ECB will again consult the public. The Governing Council will take the final decision.
The launch of this process follows a commitment by the ECB’s Governing Council to ensure innovative and secure banknotes that connect with Europeans. The latest Study on the payment attitudes of consumers in the euro area (SPACE) showed that Money in physical form such as banknotes and coins. remained the most popular means of A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. for in-person retail payments in 2019. Despite the increase in cashless payments during the pandemic, the demand for cash has risen owing to cash’s crucial role as a One of the functions of money or more generally of any asset that can be saved and exchanged at a later time without loss of its purchasing power. See also Precautionary Holdings.. As part of its Cash 2030 strategy, the The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. is taking concrete steps to guarantee that cash continues to be available and accepted as a means of payment well into the future – including following the possible launch of a digital euro.
“We want to develop euro banknotes that European citizens can identify with and will be proud to use as their From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati...,” 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 Secure container for storing money and valuables, with high resistance to breaking and entering. and secure money to Europeans.”
After completing the design process, the Governing Council will authorise the production of new banknotes and decide on potential issuance dates.
The first euro banknotes were issued on 1 January 2002 and are the result of a design competition held in 1996 and won by Robert Kalina. “Although most Member States had a tradition of placing portraits of famous people on their The money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange., the banknote working group felt that Alternative 2 [Heritage of Europe, featuring famous historical men and women and their achievements] suffered the serious Any non-conformance with the required technical specifications. of a national bias.” wrote Antti Heinonen, former Head of Banknotes at the ECB and author of The First Euros. The winning design represent different architectural styles, but do not depict existing structures, though the fictional designs have since become reality in Spijekenisse near Rotterdam.
The second series of euro banknotes were issued from 28 May 2019 with the same “ages and styles” theme of the first series, with a fresh look and stronger colours created by Reinhold Gerstetter. The second series is called “Europa” as the notes contain a portrait of Europa, a figure from Greek mythology.
Alice Twemlow (Netherlands), Professor of History, Theory and Sociology of Graphic Design and Visual Culture, University of Amsterdam
Costas Varotsos (Greece), Artist and Professor, Faculty of Architecture, Aristotle University of Thessaloniki
Demetrios Michaelides (Cyprus), Professor Emeritus of Classical Archaeology, University of Cyprus
Elvira Maria Correia Fortunato (Portugal), Vice-Rector, NOVA University of Lisbon
Fabio Beltram (Italy), Professor of Physics of Matter, Scuola Normale Superiore in Pisa
Fintan O’Toole (Ireland), Professor of Irish Letters, Princeton University, and columnist at The Irish Times
Ieva Zībārte (Latvia), Head of Exhibitions, Zuzeum Art Centre
Jana Arbeiter (Slovenia), Assistant Professor and Researcher, Faculty of Social Sciences, University of Ljubljana
Lisa Borgenheimer (Germany), Professor of Information Design, HfG Offenbach am Main
Maaria Wirkkala (Finland), Artist
Marija Marcelionytė-Paliukė (Lithuania), Professor, Vilnius Academy of Arts
Nuria Oliver (Spain), Director and Co-founder, ELLIS Alicante Unit, and Chief Data Scientist, DataPop Alliance
Patrick Sanavia (Luxembourg), Director, Luxembourg National Heritage Office
Peter Aufreiter (Austria), General Director and Scientific Managing Director, Vienna Museum of Science and Technology
Silvia Miháliková (Slovakia), Professor and researcher, Slovak Academy of Sciences, Institute for Sociology, Trnava University
Stéphane Distinguin (France), Founder and CEO, Fabernovel
Stephan Vanfleteren (Belgium), Photographer
Vladimir Taiger (Estonia), Graphic designer, Vaba Maa security printing company