Are you ready to bid farewell to all euro banknotes? What will happen in the near future is not something particularly alarming, or that this has not actually happened in the recent past. In fact, the European Central Bank opened last December and launched an in-depth study and study group whose task is to replace the current series of banknotes with new ones.
The work of the study group is due to be completed in 2024 and the new banknotes will certainly not be seen before 2025. This means that there is still a lot of time before the current Europa series, which arrived specifically to replace the previous one issued in 2002, is abandoned. But what will actually happen? Will there be problems for the citizens? Let’s get into the reasons and consequences of the choice.
Goodbye to euro banknotes: here are the reasons
The reasons behind choosing the European Central Bank are numerous. The first is that cash never goes out of fashion: the demand for cash in Europe never decreases, and with the arrival of new countries in the eurozone it has not decreased despite the use of electronic money more and more. This means on the one hand the need to always have banknotes with a certain attractiveness towards new generations, and on the other hand, the need to use materials that allow them to last longer.
In fact, the choice of materials, as well as choices of style, will be necessary to ensure that the banknote does not deteriorate too soon, creating a critical mass of waste and the need for early replacement. The desire to make counterfeit coins more and more complex also has something to do with it, but it seems that the problems of the original series, focused mainly on 20 and 50 euro banknotes, have been overcome.
Goodbye euro banknotes: what will happen
What will happen, as mentioned, has already happened recently with the arrival of the Europe series. New banknotes will be put into circulation, while the old ones are gradually withdrawn by banks, first, they stop issuing them, and then replace them with those who wish.
Citizens will be able to continue to use both the Europa series and the original series freely for savings and spending reasons, which will retain the status of legal tender and must be accepted by merchants, financial, credit and banking institutions.
It is not excluded that after saying goodbye to the 500-euro note, the European Central Bank will decide to withdraw the 200-euro note from circulation, to help member states enforce anti-money laundering regulations. It is not widespread and can facilitate exchanges of more than 1,000 euros in cash, and can be removed from the market. However, not every decision will be made in the short term, and it will be presented in advance in the announcement.