December 6, 2021
18:52
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The European Central Bank (ECB) said on Monday that it plans to change the design of euro banknotes over the next three years to make them “closer” to Europeans of all ages and backgrounds.
The ECB’s working groups will now gather proposals on a common theme for the new public banknotes in the 19 countries that share the euro, the ECB said, citing Reuters.
The new design will replace the windows, doors and bridges of various architectural styles that have adorned the common currency banknotes since they were put into circulation in 2002.
“In 20 years, it is time to reconsider the appearance of our banknotes to make them closer to Europeans of all ages and backgrounds,” said ECB President Christine Lagarde.
The original design of the euro banknotes was intended to mean unity and openness, while being abstract enough not to be linked to any single eurozone member state.
Since then, however, a number of ministries of finance and central banks have sought to focus on diversity and inclusion in the design of new banknotes, such as the US Federal Reserve’s anti-slavery African-American Harriet Tubman for her $ 20 bill.
An advisory group comprising experts from each eurozone country will make a short list of topics and present it to the ECB’s Governing Council, which will seek public opinion before launching a competition to design the new euro banknotes.
After this and another subsequent public consultation, the Governing Council of the ECB will make the final decision by 2024, according to Reuters, quoted by BNR.
