In a keynote speech at the House of the Euro, European Central Bank Executive Board member Piero Cipollone outlined the ECB’s strategy for preserving cash while modernizing euro banknotes and developing the digital euro. He reported that more than 9 million people have responded to the public survey on ten shortlisted banknote designs, as the ECB advances a redesign focused on security, sustainability and a stronger connection with Europeans. Cipollone said physical and digital central bank money should coexist, giving Europeans access to public money for both cash and digital payments. He also backed the proposed European Union regulation on the legal tender status of euro cash, which, if adopted, would reinforce mandatory acceptance and recognize convenient cash access as necessary for legal tender to function effectively. More than 31 billion euro banknotes worth over EUR 1.6 trillion are in circulation, and the Eurosystem maintains contingency stocks to address unexpected demand or supply disruptions. The survey asks the public to rate proposals under the themes “European culture” and “Rivers and birds.” The ECB Governing Council plans to make its final design decision around the end of 2026, with the new banknotes scheduled to enter circulation gradually over the next decade.
2026-09-14European Central Bank
European Central Bank’s Piero Cipollone outlines cash strategy as banknote design survey tops 9 million responses
European Central Bank Executive Board member Piero Cipollone outlined plans to protect cash, modernize euro banknotes and develop the digital euro as complementary forms of central bank money. More than 9 million people have responded to the survey on ten shortlisted banknote designs, with a final decision planned around the end of 2026.