New designs for banknotes are being promoted by the European Central Bank to renew their theme after twenty years in circulation.
The ECB will redesign the banknotes in cooperation with European citizens, in a process that is expected to lead to a final decision in 2024.
The redesign process will begin with the creation of targeted working groups, which will be tasked with gathering the views of citizens from all euro area countries on possible issues for future euro banknotes.
An advisory group, composed of an expert from each euro area country, will submit a list of proposed new issues to the Governing Council of the ECB. The members of this group have already been appointed by the ECB on the basis of proposals from the national central banks of the euro area and come from different fields such as history, natural and social sciences, fine arts and technology. Costas Varotsos, an artist and professor at the Department of Architecture of the Aristotle University of Thessaloniki, has been selected from Greece.
Today’s designs of euro banknotes are based on the theme “Seasons and rhythms” and depict windows, gates and bridges.
“Euro banknotes have come to stay. They are a tangible and visible symbol of unity in Europe, especially in times of crisis, and demand for them remains strong,” said ECB President Christine Lagarde. “After 20 years, it is time to reconsider the appearance of the banknotes and bring them closer to Europeans of all ages and backgrounds,” he added.
After the Advisory Committee submits its proposals, the ECB will consult the public on the proposed issues. A design contest for the new banknotes will follow, after which the ECB will again consult the public. The Board of Directors will then make the final decision.
Source From: Capital