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Wednesday, January 26, 2022

European Central Bank to redesign euro banknotes

In an attempt to make euro banknotes more relatable to Europeans of all ages and backgrounds, the European Central Bank (ECB) will be redesigning its paper currency.

The overarching themes of the new banknotes will be subject to discussions by ECB focus groups who will gather suggestions from the public in the 19 countries that share the euro.

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These new designs will replace windows, doorways and bridges of different architectural styles that have existed on the banknotes since the year 2002.

ECB President Christine Legarde stated, “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”.

Although the original design was meant to signify unity and openness, it was abstract enough so it could not be traced back to any individual member country.

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This comes as other treasuries and central banks have sought to place an emphasis on diversity and inclusion when designing new banknotes.

One example is the Federal Reserve picking African-American anti-slavery crusader Harriet Tubman to be featured on the $20 banknote.

The public’s input will be sought before a competition for the best design is launched.

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