A new euro banknotes series for 2024
- December 23, 2021
The ECB intends to issue a new series of euro banknotes and expects a final decision to be made in 2024 on the design and technical choices for each of the denominations in the future series.
Why a change of series?
There is a permanent struggle between the public authorities in charge of issuing banknotes and counterfeiters. For this reason, the change of the series of banknotes in circulation is a subject that is regularly put forward by the monetary authorities. A person in charge of banknote production for a European national central bank estimated in a study that the life span of a banknote series was about 10 years. Beyond that, the risk of counterfeiting increases considerably over time.
It should be noted that the number of counterfeit banknotes seized by the police in Europe is quite low compared to the volume of banknotes in circulation. According to the European monetary authorities, euro banknotes are therefore difficult to counterfeit. However, as a precautionary measure, they wish to renew the range of banknotes regularly.
A procedure put in place to develop future euro banknote projects
In particular, focus groups will be set up to clarify the views of euro area residents on the topics that could be used to illustrate future euro banknotes. The advisory group on the selection of banknote themes, consisting of one expert from each euro area country, will provide the ECB Governing Council with a shortlist of new topics. Following the recommendations of the euro area national central banks, the ECB has already appointed the members of this advisory group.
It is composed of specialists from various fields such as history, natural and social sciences, visual arts and technology. The current design of the euro banknotes is based on the theme of “ages and styles”, with windows, doors and bridges depicted on the banknotes.
“We will have euro bills for a long time to come. They are a tangible and visible symbol of our unity in Europe, especially in times of crisis. Moreover, the demand for banknotes remains high,” said ECB President Lagarde. “After 20 years, the time has come to update the design of our banknotes to make them more attractive to Europeans of all ages and backgrounds.”
Following the advisory group’s proposals, the ECB will turn to the public and ask for their opinion on the design themes of the shortlisted banknotes. A competition for the design of the new banknotes will take place at
The final decision will be taken by the Governing Council.
This process begins with the ECB Governing Council’s commitment to ensuring that banknotes are innovative, secure and attractive to European citizens. The results of the latest survey on euro area consumers’ attitudes toward payments showed that in 2019, cash remained the most popular payment method at physical outlets.
Despite the increase in non-cash payments during the pandemic, the demand for cash has increased due to its essential role as a savings instrument. As part of its treasury strategy for 2030, the Eurosystem is taking concrete steps to continue to make cash available and to accept it as a means of settlement in the long term, including after a possible electronic issue of the euro.
“Our goal is to create euro banknotes that Europeans can identify with and be proud of,” said Fabio Panetta, member of the ECB’s Executive Board. “The project to design the new euro banknotes will be implemented in parallel with our study on the digital euro. Both projects aim to fulfill our mandate to provide European citizens with safe and secure money.”
At the end of the design process, the Governing Council will authorize the start of the production of new banknotes and decide on a possible launch date.
Anne of Britain on a future euro banknote?
Robert SCHUMAN banknote – project submitted to the ECB in 2010 (cap-interactive/AD€)
Composition of the selection advisory committee
of future euro banknotes
- Alice Twemlow (Netherlands), Lecturer in Graphic Design and History, Theory and Sociology of Visual Culture, University of Amsterdam
- Costas Varotsos (Greece), artist and professor, Faculty of Architecture, Aristotle University of Thessaloniki
- Demetrios Michaelides (Cyprus), Professor Emeritus of Classical Archaeology, University of Cyprus
- Elvira Maria Correia Fortunato (Portugal), Vice-Rector, NOVA University of Lisbon
Fabio Beltram (Italy), Professor of Material Physics, Scuola Normale Superiore, Higher Education Institution of Pisa
- Fintan O’Toole (Ireland), professor of Irish language and literature, Princeton University, author of articles for The Irish Times
- Ieva Zībārte (Latvia), head of the exhibition department, “Zuzeum” Art Center
- Jana Arbeiter (Slovenia), associate professor and researcher, Faculty of Social Sciences, University of Ljubljana
- Lisa Borgenheimer (Germany), Lecturer in Information Design, Süddeutsche Zeitung
Maaria Wirkkala (Finland), artist
- Marija Marcelionytė-Paliukė, professor, Vilnius Academy of Arts
- Nuria Oliver (Spain), director and co-founder, ellis Alicante Unit, Chief Data Scientist, DataPop Alliance
- Patrick Sanavia (Luxembourg), Director, Office luxembourgeois du patrimoine national
Peter Aufreiter (Austria), Director General and Director General of Science, Vienna Museum of Science and Technology
- Silvia Miháliková (Slovakia), Professor and Researcher, Slovak Academy of Sciences, Institute of Sociology, University of Trnava
- Stéphane Distinguin (France), Founder and CEO, Fabernovel
- Stephan Vanfleteren (Belgium), photographer
- Vladimir Taiger (Estonia), graphic designer, special printing house “Vaba Maa
Stéphane Distinguin (France), member of the selection committee
Sources: BCE, Banque of Lithuania and NUMISMAG.