Filenews 6 December 2021
The start of the process of redesigning euro banknotes with a view to taking final decisions in 2024, the European Central Bank (ECB) announced on Monday.
The ECB plans to record citizens' opinion on the new form of banknotes, while the Governing Council will draw on the perspective of a group of experts from various sectors.
As stated in the Communication, the process will start with the creation of targeted focus groups to record the views of citizens from all euro area countries on the future design of banknotes.
The Advisory Group, composed of one expert from different sectors from each euro area country, will then submit to the ECB's Board of Directors a list of proposals for the new banknote theme.
Indicatively, the design of today's banknotes is based on the theme "Seasons and rhythms" and depicts windows, gates and bridges.
The members of the advisory group were selected on the basis of proposals from the Central Banks of each country and come from different fields such as history, natural and social sciences, visual arts and technology.
After the submission of the "short list" of proposals by the Advisory Committee, the European Central Bank will consult the citizens, followed by a competition for the design of the new banknotes, the results of which will also be put to the public' discretion.
The ECB's Board of Directors will take the green light to the production of new banknotes immediately after the final decision, give the green light to the production of new banknotes and decide on possible issuance dates.
"The euro banknotes are here to stay," ECB President Christine Lagarde said in a statement, calling them "a tangible and visible symbol of unity in Europe".
"Twenty years later, the time has come to rethink the appearance of banknotes and bring them closer to Europeans of all ages and origins," he added.
The European Central Bank stresses in its communication that according to the latest survey on consumer consumption habits in payments in the euro area (SPACE), cash was still the most popular means of payment in the retail market in person in 2019.
Regarding the fact that cash-free payments have increased during the pandemic, the ECB notes that the demand for cash has increased due to their role as a means of storing value. It is also noted that specific measures are being taken so that cash continues to be available in the future, even after the possible introduction of the digital euro.
"The process of redesigning euro banknotes will evolve in parallel with our research on the digital euro. Both projects aim to fulfil our mission to provide Europeans with a safe and secure currency," said ECB executive board member Fabio Panetta.
Cyprus is represented in the advisory committee on the subjects of the new banknotes by the honorary professor of Classical Archaeology at the University of Cyprus, Dimitrios Michaelides.
The other members, in the order included in the paper are: Alice Twemlow (Netherlands - Professor of History, Theory and Sociology of Graphic Arts and Visual Culture, University of Amsterdam), Kostas Varotsos (Greece - artist and professor, Department of Architecture, Aristotle University of Thessaloniki), Elvira Maria Correia Fortunato (Portugal - Vice Rector, University of NOVA Lisbon), Fabio Beltram (Italy - Professor of Physics of Matter, Scuola Normale Superiore of Pisa), Fintan O'Toole (Ireland - Professor of Irish Literature, Princeton University and columnist in The Irish Times), Ieva Zībārte (Latvia - head of exhibitions, Zuzeum Art Centre), Jana Arbeiter (Slovenia - assistant professor and researcher, Centre for International Studies, University of Ljubljana), Lisa Borgenheimer (Germany - Professor of Information Design, HfG Offenbach am Main), Maaria Wirkkala (Finland - artist), Marija Marcelionytė-Paliukė (Lithuania - Professor, Academy of Arts Vilnius), Nuria Oliver (Spain - Director and Co-Founder, ELLIS Alicante Unit and Head of Data Research, Data-Pop Alliance), Patrick Sanavia (Luxembourg - Director, Luxembourg - Director, Luxembourg National Heritage Service), Peter Aufreiter (Austria - Director-General and Scientific Director, Vienna Science and Technology Museum), 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) and Vladimir Taiger (Estonia - graphic designer, Security Press Vaba Maa). The appointment of a representative from Malta has not yet been completed.
