The European Central Bank has plans to redesign euro banknotes by 2024 and will ask the European citizens to collaborate.
The European Central Bank (ECB) has plans to redesign euro banknotes, in collaboration with the European citizens, in a process that is set to take place at the end of 2024.
“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,” said the ECB President Christine Lagarde, because euro banknotes are “here to stay” and are a tangible and visible symbol of unity in Europe, “especially in times of crisis”.
The redesign process will begin with the creation of discussion groups that have the objective of gathering the opinions of citizens throughout the eurozone.
A consultative group formed of one expert from each country of the eurozone will present a list of selected topics to the ECB Governing Council. The designs of the current euro banknotes are based on the topic “ages and styles”, represented by windows, doors and bridges.
The members of the consultative group have already been determined by the ECB and are collecting proposals from various different national banks in the eurozone. The experts come from a range of different fields, including history, natural science, sociology, visual arts and technology.
After receiving the proposals from the consultative group, the ECB will ask the public for their opinion on the selected topics. There will then be a competition to design the new banknotes before the final decision is made.
“We want to develop euro banknotes that European citizens can identify with and will be proud to use as their money,” said Fabio Panetta, an ECB executive board member.
“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,” he added.
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