The European Central Bank (ECB) has invited European citizens to participate in a vote on new Euro banknote designs. This survey, which includes ten selected designs, allows participants to express their opinions until next Monday. Over 9 million people have participated in this vote so far, but the central bank hopes that more people will join this process.
Proposed Designs Based on European Culture
The proposed designs include images of birds, rivers, and cultural figures of Europe, including famous composers. These designs are significantly different from the existing banknotes. In a world that is increasingly moving towards less cash usage, the European Central Bank sends a message to citizens that cash is still important and they can influence its appearance. Piero Cipollone, a member of the ECB's Executive Board, said at an event in Brussels: "Cash is not just a relic of the past. It is part of the daily life of millions of Europeans."
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The Role of Cash in a Digital World
This survey is divided into two main themes: "European Culture" and "Rivers and Birds." The results of this survey will help the European Central Bank make its final decision, which is expected to be announced by the end of 2026. The new banknotes will gradually be put into circulation starting in 2029. Cipollone also noted that there are currently over 31 billion Euro banknotes worth more than 1.6 trillion Euros in circulation, and this figure grows by about 3 percent annually. In this context, over 150 billion Euro coins are also in circulation.
Cipollone pointed to the role of cash in situations where other payment methods are disrupted, such as power outages or internet failures, and noted that the proposed EU legislation titled "Single Currency Package" could strengthen the role of cash. This package, currently being negotiated in Brussels, includes measures to reinforce the legal status and mandatory acceptance of cash. He added: "Cash provides something that is difficult to replace: a tangible anchor of stability and trust. It also aids financial inclusion and is simple and intuitive. This method guarantees privacy protection and perhaps most importantly, preserves freedom of choice."
According to a survey conducted by the European Central Bank in 2024, an increasing majority of Europeans believe that maintaining cash as a payment option is important. Cipollone said: "Cash is the only form of money that every citizen can hold directly. When you have cash, you don't need intermediaries or devices to use it."
The European Central Bank is not only investing in redesigning banknotes but also in creating a digital Euro as part of its payment strategy. The digital Euro, an electronic form of central bank money, is designed as a complement to cash. The European Central Bank states that supporting cash is inherently linked to this new electronic payment method, which is designed for online and offline transactions with a high degree of privacy. The digital Euro may be launched for the first time in 2029 if negotiations in Brussels reach a conclusion by the end of 2026.
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