Frankfurt: The European Central Bank (ECB) has initiated a comprehensive redesign of euro banknotes to enhance security, sustainability, and inclusivity. With 10 new design proposals open for public voting until September 21, the ECB plans to announce the winner by the end of the year.
According to Anadolu Agency, the euro has been the official currency for 21 of the 27 European Union member states since its introduction in 2002. The currency is used by over 357 million people and stands as the world's second most significant reserve currency, accounting for 20% of global reserves. The eurozone, consisting of these member states, operates under the monetary policy management of the Eurosystem, which includes the ECB and the national central banks.
The ECB currently issues banknotes in six denominations: pound 5, pound 10, pound 20, pound 50, pound 100, and pound 200. In 2019, the printing of the pound 500 note was halted due to concerns over its potential use in illicit activities, although it remains legal tender. The redesign initiative follows the introduction of the Europa series in 2013 and 2019, which included enhanced anti-counterfeiting features.
The ECB released 10 design proposals for the third generation of euro banknotes to gather public feedback. The final design will be decided by the ECB Governing Council, considering both public opinion and expert analysis. These new banknotes are expected to enter circulation after a few years of preparation.
The ECB aims to introduce advanced security features, longer-lasting materials, and more accessible designs for individuals with visual impairments in the new series. Over 30 billion euro banknotes, valued at more than pound 1.5 trillion, are currently in circulation, as noted by the ECB.
ECB President Christine Lagarde emphasized that the banknote redesign symbolizes European integration, with existing designs featuring windows, doors, and bridges to represent openness and cooperation. She noted the need for banknotes to become more relatable to Europeans of all ages and backgrounds after more than two decades.
The ECB highlights that the primary motive for the redesign is to combat counterfeiting, while also focusing on durability and reducing environmental impact and production costs. Current banknotes will remain in circulation alongside the new series, retaining their legal value.
The introduction of the new series is not anticipated to impact monetary policy or the currency's value. Simultaneously, the ECB is advancing a digital euro project, affirming its commitment to cash as a fundamental component of the financial system for the foreseeable future.