The ECB (European Central Bank) announced this today.
Although minor changes have taken place in recent years, our banknotes are roughly the same as January 2002, when they first rolled out of ATMs.
The creation of the new designs is a complicated process. For example, there will be an advisory group with an expert in a specific area from each euro country. Think of history, natural and social sciences or technology.
Alice Themlow is in the advisory group for the Netherlands. She is professor of history, theory and sociology of graphic design and visual culture at the University of Amsterdam’s Faculty of Humanities.
The advisory group will hand over a list of topics to the ECB and eurozone residents can then give their opinion. This is followed by a design competition, in which Europeans can once again indicate what they think of it. Ultimately, the ECB’s executive board decides which theme will be given to our new banknotes.
The ECB expects to make a final decision on the new design in 2024. Lagarde will normally still be there. She was appointed in 2019 for a term of eight years.
‘Cash still widely used’
According to the ECB, consumers in the euro area still make extensive use of cash. In 2019, cash was the most common means of payment for, for example, purchases in shops.
Despite the increase in cashless payments during the pandemic, the demand for cash has increased, according to the ECB. This is mainly because cash is used as a means of savings.