Wed 08 December 2021:
By the year 2024, the European Central Bank (ECB) will choose a new design for euro banknotes.
The eurozone currency was originally established in 1999, followed by the introduction of coins and banknotes in 2002.
“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,” ECB President Christine Lagarde said in a statement.
The current banknotes include “an ‘ages and styles’ theme, illustrated by windows, doorways, and bridges,” according to the ECB.
The Frankfurt-based bank will hold focus groups to obtain feedback on potential future banknote themes from people all throughout the eurozone.
After that, a selection of fresh themes will be submitted by an advisory panel comprised of one expert from each eurozone member. History, natural and social sciences, the visual arts, and technology are among the specialists.
By 2024, the final euro design will be available
The bank will then seek public feedback on the themes that have been nominated. Before the public is consulted again, a design competition will be held.
Before the new banknotes are printed in 2024, the ECB’s governing council will make a final decision.
“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 in a statement.
“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 last competition was won by Austrian designer Robert Kalina in 1996.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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