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This is how banknotes change

The European Central Bank announced a redesign of some banknotes. A choice aimed at providing tools in line with the times.

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When the single currency came into force in 2002, part of the curiosity was directed toward the design of the banknote. At least for young children who learned in school how to put each piece forward and backward Accurate architectural art reference hidden. Now, twenty years after the actual application of the euro, this coating could be changed to make way for a more modern alternative. The announcement was made by the President of the European Central Bank, Christine Lagarde, and she said, “It is time to update the appearance of our banknotes so that Europeans of all ages and origins can recognize them.”

A redesign shouldn’t be a real revolution anyway. First of all, citizens will be consulted, who will be asked to give their opinion on the matter, or on possible issues of upcoming banknotes. In particular, those of 100 and 200 euros, or Those who honor Baroque, Rococo and Art Nouveau styles. Once the proposals have been collected, a group of experts, represented by each European country, will present to the Governing Council a short list of the proposed topics. Then we will understand whether the design based on “times and patterns” will be permanently changed.

The euro, towards the new banknotes: what will happen to the old banknotes

It will take some time to make the change happen. According to Lagarde, the horizon is 2024, the final date for the project process that will end with the board’s mandate to issue the new banknotes. In recent months there has often been talk of reducing the criticism method. However, in 2019, cash was still the most used tool for payments. Mainly, during a pandemic, Its importance increased as a store of value. Even if, over time, it turns out that stagnation of money in the current account is an absolutely not useful practice. In any case, the restyling of the new euro will not affect the process of digital innovation.

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In fact, according to the European Central Bank, the goal is to redesign banknotes so that they can keep pace with research on the digital euro. Both projects, in fact, are aimed at satisfying the desires of European citizens, who see money as a form of investment and a safe tool to support the most common expenses. mix Between cash and online payment practices So it doesn’t seem impossible. Despite recent actions in this regard, it places great emphasis on the digitization of payments or, at least, on the use of perfectly traceable tools. Europe knows this but at the same time chooses not to forget the essential role of money.