The European Central Bank's public consultation on the design of future euro banknotes concludes today, marking the final step before the ECB selects the new series
Executive summary: The ECB's public survey on the design of the next euro banknote series ends today after several weeks of citizen input. The chosen design will appear on billions of banknotes across the euro area, affecting cash users, printers, and security-feature suppliers, and it signals the ECB's commitment to maintaining cash as a payment option.
Who is involved: European Central Bank, euro area national central banks, banknote printing works, security-feature providers, and the general public in the 20 euro-area countries.
Likely next: The ECB will analyse the survey results and the Governing Council is expected to announce the selected design in the coming months, followed by a multi-year production and issuance timeline.
The ECB has been running a weeks-long survey asking citizens to vote on design proposals for the next generation of euro banknotes. The consultation closes on 21 September 2026. The results will inform the ECB's Governing Council, which is expected to decide on the final design later this year. The new notes will eventually replace the current Europa series, incorporating updated security features and a refreshed visual identity.
What's next — scenarios
Base: ECB selects design aligned with public preference (70%)
The new series enters production on schedule, with issuance likely starting in 2028-2029, supporting cash infrastructure stability.
- ECB Governing Council announcement of chosen design (expected Q4 2026)
- Publication of survey participation statistics
Upside: Design refresh boosts cash usage perception (15%)
A well-received design could slow the decline in cash transactions, benefiting ATM operators and cash-in-transit firms.
- Positive media and public reaction to the unveiled design
- ECB communication emphasising cash resilience
Downside: Controversy forces redesign delay (15%)
Strong public backlash or political pressure could push the decision into 2027, postponing the new series and increasing costs for printers.
- Petition or parliamentary questions criticising the shortlisted designs
- Leaked survey results showing low satisfaction with all options
What to watch
- ECB Governing Council meeting minutes referencing the banknote design decision (Q4 2026)
- Official ECB press release announcing the winning design (expected by end-2026)
- National central bank communications on production timelines (2027 onward)
Timeline
- — Welches Design soll es sein?: Umfrage zu neuen Euro-Banknoten geht zu Ende (Handelsblatt)
Analysis — what this means
Likely next events
- ECB Governing Council decision on new banknote design (Q4 2026)
- Start of production at accredited printing works (2027-2028)
- First issuance of new series (likely 2028-2029)
Sectors affected
- Banknote printing and security-feature suppliers (e.g., Oberthur Fiduciaire, De La Rue, Giesecke+Devrient)
- Cash-in-transit and ATM operators
- Central bank currency management departments
Regulatory implications
- ECB Decision on the denominations, specifications and reproduction of euro banknotes will be updated to reflect the new series.
- National central banks must adapt quality-sorting machines and authentication algorithms to the new security features.
Historical parallels
- Introduction of the Europa series (2013-2019) – gradual rollout across denominations with enhanced security features.
- First euro banknote series (2002) – design competition and public consultation preceded launch.
Key entities
Sources
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