The euro gets a makeover. The European Central Bank has announced its intention to give a new graphic look to the banknotes in circulation and, to do so, will ask for the collaboration of European citizens. Indeed, on 1 January 2022 the single currency celebrates its first twenty years of service, having entered into circulation on 1 January 2002. A dialogue that should continue until the adoption of the final decision, expected in 2024.
“The redesign process – he explains in a release the ECB – will start with the establishment of focus groups in charge of gather citizens' ideas across the euro area on possible issues for future euro banknotes”.
An expert from each Eurozone country will participate in the consultation group, including the Italian Fabio Beltram, professor of Physics at the Normale di Pisa. This team will be responsible for pre-selecting and presenting a number of ideas to the Eurotower board.
The design of the euro banknotes currently in circulation is inspired by the theme "Ages and styles of Europe", represented by windows, portals and bridges. But the ECB's intentions, according to some rumors circulated and taken up by Led Echos, include the plan to replace them with well-known faces, famous personalities – men and women – in the history of Europe, "Euro banknotes will always be part of our lives. They are a tangible and visible symbol of our cohesion in Europe, especially in times of crisis. Furthermore, their demand is still strong,” said the president of the ECB, Christine Lagarde. In the note, the Frankfurt institute cites a study, according to which in 2019 the cash was the most used instrument for retail payments made in presence. Despite an increase in payments with alternative instruments during the pandemic, the demand for cash has continued to increase. “After XNUMX years, it's time to renew the look of our banknotes so that European citizens of all ages and backgrounds can recognize them,” said Lagarde.
After receiving the proposals of the consultation group, the ECB will invite citizens to express themselves on the selected topics. A design competition for the new banknotes will then be held, at the conclusion of which the ECB will again turn to the community. The final decision will be taken by the Governing Council in three years' time.
“We want to design euro banknotes that European citizens can identify with and that they will use and feel proud of their currency,” he said. Fabio Panetta, member of the executive board of the ECB. “We will conduct the process of redesigning the euro banknotes in parallel with the investigation phase of the project on a digital euro. With both projects we intend to fulfill our mandate to offer a risk-free currency to European citizens”.
