ECB SELECTS NEW BANKNOTE DESIGNS, WITH IMAGES FROM BEETHOVEN TO CURIE

The European Central Bank (ECB) has made a preliminary selection of designs intended for the planned new euro banknotes, including birds, rivers, buildings or famous figures such as Marie Curie and Leonardo da Vinci.

"The new banknotes will symbolize our shared European identity and the diversity that makes us strong," said ECB President Christine Lagarde.

The first theme, "'European Culture' celebrates the shared cultural spaces that have shaped European identity over the centuries" and "iconic European personalities," the ECB announced from its headquarters in the German financial hub of Frankfurt.

Designs include the Polish-French Nobel Prize laureate Curie, German composer Ludwig van Beethoven and painter and Italian artist and polymath da Vinci. The reverse side might feature street artists, a library or a university.

The second group, "'Rivers and Birds' highlights the resilience and diversity of Europe’s natural ecosystems." On the reverse side of banknotes for this theme, European institutions could be displayed, such as the European Parliament or the European Commission.

"We are excited to present these real-life motifs that reflect our commitment to Europe and celebrate its cultural heritage and natural environment," said Lagarde.

Process to decide designs

The decision was influenced by suggestions from experts and a survey in which around 365,000 Europeans participated in 2023. The ECB initiated a process to redesign banknotes at the end of 2021.

Central banks regularly develop new banknote series to make it harder for counterfeiters. Additionally, the ECB aims to reduce its environmental impact. The notes are intended to have a longer lifespan, for example.

It will take some time before consumers have the new notes in their hands.

A design competition is set to take place in 2025 so that the ECB governing council can choose final designs in 2026. Then, the ECB plans to present the designs to the public and seek their opinions. However, it explained that people will only be able to hold the new banknotes several years later.

Current designs relatively sober

The designs on current euro banknotes, in contrast to former national currencies, are relatively sober and include imaginary buildings. The first euro banknotes were issued in 2002. Since May 2019, the second generation of notes, complete with new security features, has been in circulation.

Commitment to cash reaffirmed

Concurrently, the ECB is affirming its commitment to cash. "We are developing new banknotes because we are committed to cash now and in the future," said Piero Cipollone, a member of the ECB executive board.

"Banknotes are a symbol of our European unity and with the new motifs, we celebrate our shared history and commitment to a sustainable future," said Cipollone.

Bundesbank head approves

The German central bank, the Bundesbank, welcomed the selection of European figures for future banknotes.

"The six selected women and men embody European culture and values very well," Bundesbank President Joachim Nagel said upon request. "They represent a historically wide spectrum of European music, science, literature and art."

The personalities deserved to be depicted on future banknotes, he added.

"With the introduction of the third euro banknote series, the euro system also underscores its commitment to cash," Nagel said.

2025-01-31T12:27:51Z