European Celebrities
New motifs planned for euro notes
02/11/2022, 3:05 p.m
Instead of invented buildings, the faces of European celebrities such as Beethoven and da Vinci could soon adorn the euro banknotes. At least that is what ECB President Lagarde is proposing. However, it will take two years to decide whether the idea will actually be implemented.
According to ECB President Christine Lagarde, well-known Europeans should be depicted on a future generation of euro banknotes. “Personally, I can very well imagine showing the faces of famous Europeans on the banknotes: Leonardo da Vinci, Ludwig van Beethoven or James Joyce,” said the Frenchwoman to the editorial network Germany in a published interview.
The European Central Bank (ECB) initiated a process to redesign the banknotes in December. The public should have a say in this. In 2024, the Governing Council wants to decide on the production of new banknotes and when they could be put into circulation. Unlike previous national currencies, the motifs on the euro notes are comparatively sober: buildings that don’t actually exist. “I myself have fond memories of the five-franc note with Victor Hugo that existed in France 50 years ago,” Lagarde said in the interview. “But there are certainly other ways of showing European identity, such as a famous picture or a monument.”
Cash should stay
Lagarde rejects the fact that the individual euro countries design the motifs on the notes and coins differently: “The redesign of the banknotes is a good opportunity to show unity,” said Europe’s top monetary guardian. “It would be a mistake if we started to differentiate between countries again. We should find out what unites and connects us – not what divides us.”
Lagarde rejected the abolition of notes and coins: “People are used to cash and don’t want to give it up. So I think the discussion about abolishing cash is superfluous.” The ECB’s work on a digital version of the European common currency did not change that. “In any case, the ECB will continue to be the guardian of the euro, whether in analogue or digital form,” affirmed Lagarde. “And we are still responsible for the cash supply. Because even if we have a wonderful digital euro, there will still be banknotes and coins.”