The final change of the Euro banknotes takes place: this is what the subjects, the details and the curiosities will be ready to see
We all know chand the banknote since ancient times has been a paper instrument with no direct intrinsic value, dating back to the 14th century. Originally the banknote recognized the right of the owner of the note to collect the precious metal deposited with a banker. Today times have evolved and, with the passage of time, we have passed from the Lira (in force until 2002) to the Euro. But something is definitely changing.
In 1661 there was the first attempt to produce a banknote thanks to the ideas of Johan Palmstruch during his direction of the Stockholm Bank so that the Bank of England began issuing banknotes permanently. In those days, banknotes had a single face and were produced on copper plates.
After the French Revolution, it was Napoleon’s French officials who imposed the use of paper money throughout Europe. Returning, however, to the present day, from January 1, 2002 we passed from the lira to the euro. All banknotes have a uniform graphic appearance in all member countries of the Union, according to the directives of the European Central Bank.
According to Article 128 of the Treaty on the Functioning of the European Union, “The European Central Bank has the exclusive right to authorize the issuance of euro banknotes within the Union”. Member states can only mint banknotes with the permission of the European Central Bank regarding the volume of minting.
Although the evolution flows quickly and super fast, it has been shown through an analysis carried out in 2019 that the banknote is the most used payment method. Recently, however, changes will be made to the banknotes.
When do banknotes change?
The European Central Bank has decided that in 2024 they will all be redesigned the banknotes in EUR. The communication was given by the ECB through President Christine Lagarde.
She just said: “After twenty years it is time to update the appearance of our banknotes so that Europeans of all ages and origins can identify with them ”.
Following this choice, the ECB after the proposals of the advisory group, will ask the public opinion for its opinion on the selected topics. In addition, a design competition for the new banknotes will be launched, where Frankfurt will make the final decision at the end of the competition.
Fabio Panetta, member of the executive committee of the ECB explained that despite the use of cards and alternative payment methods, cash remains the most used method: “V.we want to develop euro banknotes that European citizens can proudly identify and use as money. The banknote redesign process will go hand in hand with our research ondigital euro. “
Continuing and concluding Panetta confessed that both projects aim to fulfill the mandate to provide Europeans with secure money.