Euro banknotes as we use them will disappear, Europe wants to replace them

2023-09-17 06:44:05

Europe is preparing a major change to the banknotes we use every day. Here are the details

Have you ever noticed the bridges drawn on the euro banknotes that we use every day? These images, which have become iconic, could soon become a thing of the past. Indeed, Europe plans to give a new face to the currency that we all have in our pockets.

The European Central Bank (ECB) recently conducted investigation asking the public to choose from seven themes for the new tickets. Some of the suggested themes include “hands: together we build Europe”, “rivers, the water of life in Europe”, and “our Europe, ourselves”. After this consultation, a design competition will be launched and we should see these new notes coming out of distributors in 2026.

But why is it so important? Although for many of us currency is only a tool of exchange, the images on our banknotes have great symbolic significance. For example, if the theme of birds was chosen, it would represent “freedom of movement” and the protection of nature in Europe.

Banknotes often reflect the identity of a country or region. Unlike the United States or the United Kingdom, where presidents and kings dominate, Europe, with its 20 member countries, has the challenge of finding a unified image that speaks to all. And even if we think about highlighting artists, how do we decide which one deserves to be on the €200 bill and which on the €5 bill?

The ECB’s previous solution had been to use fictitious bridges, thus avoiding favoring any particular country. However, this solution was undermined when Spijkenisse, a suburb in the Netherlands, built bridges resembling the images on the banknotes!

With the advancement of technology, the use of cash is declining. The ECB reports that only 59% of transactions were in cash last year, compared to 72% three years ago. For many, money now evokes the screen of a smartphone more than the sound of coins.

So, even as we look forward to these new notes, let’s not forget that the future of our currency could be increasingly digital, influenced by the designs of Silicon Valley much more than by the decisions taken in Frankfurt.