ECB to redesign euro banknotes with Elvira Fortunato’s help

Twenty years after they were launched, the European Central Bank (ECB) is preparing to give a new image to euro banknotes, in a process that should lead to a final decision in 2024. Portuguese researcher Elvira Fortunato is part of the panel of experts that will help the central bank in this process.

“Euro banknotes are here to stay. They are a tangible and visible symbol that we stand together in Europe, particularly in times of crisis, and there is still a strong demand for them,” said ECB President Christine Lagarde.

“After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds,” the French official added.

According to the ECB, the redesign process will begin with the creation of focus groups, tasked with gathering opinions from people throughout the Euro area on possible themes to illustrate the banknotes. Then, the advisory group formed by a specialist from each country in the region – of which the vice-rector of Lisbon’s Universidade Nova, Elvira Fortunato, is a member – will submit a shortlist of new themes to the ECB’s Governing Council.

Once the proposals have been received from the advisory group, the ECB will ask the public to contribute to the shortlisted themes. A design competition for the new banknotes will follow, after which the ECB will again consult the public. The final decision will be taken by the ECB’s Governing Council.