The European Central Bank (ECB) plans to change the design of the euro by 2024.
Ukraine , Ukraingate , 7 , December , 2021 | International News
“Euro banknotes will not go away. They are a tangible and visible symbol of the fact that we are together in Europe, especially in times of crisis, and they are still in high demand. In 20 years, it is time to reconsider the appearance of our banknotes to make them closer to Europeans of all ages and backgrounds, ”said ECB President Christine Lagarde.
The design change will start with focus groups to gather the views of eurozone residents on what should be depicted on the new banknotes.
Then one expert from each country will submit short lists of options to the Governing Council of the ECB, the ECB will consult with the public and the Council will make the final decision.
The ECB notes that despite the growing popularity of non-cash payments during the COVID-19 pandemic, the demand for cash is not fading. As part of its strategy, the Eurosystem seeks to ensure that cash remains available and accepted as a means of payment in the future, in particular following the possible launch of the digital euro.
“We want to develop euro banknotes that European citizens can identify with and proudly use as money. The process of redesigning euro banknotes will go hand in hand with our study of the digital euro. Both projects are aimed at fulfilling our mandate to provide Europeans with safe and secure money, ”said Fabio Panetta, Member of the ECB Executive Board.
Upon completion, the Governing Board will allow the production of new banknotes and decide on possible issuance dates.
Source: Ukrgate
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