Everything is about to change, the Euro banknotes will soon not be the same: this is what the European Central Bank has decided and why.
The ECB, the European Central Bank, has issued its verdict. Christine Lagarde, the president, announced what will happen in the near future: “After twenty years it’s time to update the look of our banknotes so that Europeans of all ages and origins can identify with them “says the lawyer. Although traceable payments have now dropped over the years, the turnover of banknotes for now remains extremely high and so according to the EU, a way to innovate would be linked to paper.
Who knows that with new technologies it will not be even less easy to issue counterfeit banknotes. In Italy, he even issued her an ATM, a few days ago, so the new ones should be improved. Fabio Panetta, member of the executive committee of the ECB, adds: “The banknote redesign process will go hand in hand with our research on the digital euro. Both projects aim to fulfill the mandate to provide Europeans with secure money ”.
The Euro ready for change
It will seem strange, because everything comes just when the use of cash is less and less desired. Let’s not forget the restrictions have gotten even stronger since January 1, 2022. We will also be the ones to choose the design of the new banknotes. Indeed, the redesign will take place with discussion areas that will collect the opinions of the citizens themselves. Then the second step.
An advisory group already chosen, will have the task of presenting a list of the best themes. The main theme of the new reinterpretations will be “Times and styles”. At that point, the ECB asks for consensus from public opinion, complete with a tender for the new design. Finally, last consultation with the public and final decision.
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Only after completing the design process, the board of directors will start the production of the new banknotes, thus deciding the dates, for the first issues. Panetta, thus closes the speech about the decision taken by the European Central Bank: “We want to develop euro banknotes that European citizens can proudly identify and use as money”. The process is expected to close in 2024.
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