Lagarde orders redesign to create ‘more relatable’ euro banknotes
Christine Lagarde, the president of Europe’s central bank, has ordered a refresh of euro banknotes.
The European Central Bank will work with members of the public to decide how the notes should be updated, with the project expected to last until 2024.
Lagarde said that that updating the banknotes will help to make them “more relatable” than the current designs which are based on an “ages and styles” theme and feature windows, doorways and bridges.
“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 Lagarde.
“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,” she added, stressing that cash is here to stay despite plans for a digital euro.
Under current plans the bank will first set up a focus groups, tasked with gathering opinions from people across the euro area on possible themes for the 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 who will vote on the final designs.
By placing focus on a new designs for European banknotes Lagarde is hoping to assuage concerns that plans for an electronic euro and the decline of cash payments during the pandemic could spell the end of physical payments.
“We want to develop euro banknotes that European citizens can identify with and will be proud to use as their money,” 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 safe and secure money to Europeans.”
The European Central Bank has previously stated it plans to roll out a digital euro by 2025.
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