The European Central Bank (ECB) announced on Monday that it plans to redesign its euro banknotes, with a final decision on the new look expected in 2024.
“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.
“Euro banknotes are here to stay. They are a tangible and visible symbol that we stand together in Europe, particularly in times of crisis, and there is still a strong demand for them,” added Lagarde.
The ECB said it will create focus groups to gather opinions from people across the continent on possible themes for the future notes.
A “theme advisory group” with one expert from each eurozone country will then submit a shortlist of suggested new themes to the ECB’s governing council. The current euro banknote designs are based on an “ages and styles” theme represented by windows, doorways and bridges.
The bank said it will seek public input on the proposals, then hold a design competition for the new banknotes before again consulting the public. Its governing council will make a final decision and decide on when the new banknotes might be issued.