economy
SHOCK IN EUROPE: The Euro is Changing its Appearance, and a Well-Known Banknote is Being Abolished!
The European Central Bank announced a competition for European graphic designers last July to collect proposals for the new look of banknotes.
TL;DR
- The European Central Bank (ECB) is redesigning euro banknotes.
- A competition for graphic designers was launched in July to gather proposals for the new look.
- The 500 euro banknote will be abolished to reduce money laundering risks.
- Existing 500 euro notes will remain valid as legal tender.
- The redesign is considered one of the biggest changes to the euro in two decades.
- Final design decisions will be made by the ECB's Governing Council after expert jury review.