The euro’s notes and coins turn 20 this New Year’s Day. The physical euro, now used in 19 of 27 EU countries, was introduced on Jan. 1, 2002, three years after it was adopted for noncash purposes.
The bank plans to redesign the banknotes, with a final decision on the new look expected in 2024. The original designs with generic windows, doorways and bridges from various eras that don’t represent any specific place or monument have undergone one relatively minor update since introduction. The bank is also studying a possible digital version of the currency.
Under Lagarde, the central bank deployed a 1.85 trillion euro bond purchase program aimed at keeping borrowing costs down for companies so they can get through the worst of the pandemic. Finance ministers from euro member countries said in a joint article published in major European newspapers that there’s still work to be done on reinforcing the shared currency, such as improving the way private investments flow across borders and strengthening joint banking oversight to prevent costly crises.
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