First of all, I would like to thank each and every one of the 37 137 people in Latvia who took part in the public survey on the design of the next generation of euro banknotes. Overall, almost 10 million people participated in the survey. People throughout Europe were invited to share their views on which of the proposed designs under two themes – "European culture" and "Rivers and birds" – should be used for future euro banknotes.
In this commentary, I would like to outline the next steps that, following the gathering of the public's views, will lead all the way to the issuance of the first banknote featuring the new design.
The Governing Council of the European Central Bank (ECB), which also includes Mārtiņš Kazāks, Governor of Latvijas Banka, is expected to select one of the design proposals by the end of this year. Work will then begin on adapting the selected design for use on banknotes, incorporating complex, high-tech security features as well as various tactile and colour elements needed both to protect the banknotes against counterfeiting and to assist blind and partially sighted persons.
The development of banknotes is an ongoing race between central banks and counterfeiters, and this is one of the reasons why banknotes are regularly updated and enhanced. The new banknotes are expected to incorporate various modern technological solutions that will make life more difficult for counterfeiters. The existing euro banknotes are already relatively well protected against counterfeiting: across the euro area, 14 counterfeit banknotes were detected per million genuine banknotes in 2025, compared with 18 counterfeit banknotes per million genuine banknotes in 2024.
Designing attractive and secure euro banknotes is only one step in the process. It is important that, when they are issued, they can be used without restrictions: cashiers need to be familiar with the new banknotes, vending machines need to accept them, and the counterfeit-detection equipment used in shops needs to recognise them. Achieving this will require significant work, both to inform professional cash handlers and to reprogramme various equipment. Surely, the introduction of new banknotes into circulation is a national-level event, and it will be preceded by a wide-ranging information campaign.
The new euro banknotes will also follow the "feel, look, tilt" principle (https://www.ecb.europa.eu/euro/banknotes/current/security/html/index.en.html#feel). This will allow anyone to check whether a banknote is genuine. Euro banknotes contain dozens of different features that are difficult to counterfeit, and even if a counterfeiter manages to reproduce one of them, it is very rare to find counterfeit banknotes that successfully replicate several anti-counterfeiting features.
No decisions have yet been taken on the timing or technical arrangements for introducing the new euro banknotes. However, previous experience with the first and second series of euro banknotes allows us to confidently expect that the process will be gradual and carefully planned.
It is also important to remember that, when a new euro banknote design is introduced, people and businesses do not need to exchange their existing banknotes for new ones. The old banknotes retain their status as legal tender indefinitely and are gradually replaced by new-design banknotes as they return to the central bank.
A look back at the history of euro banknotes
How were euro banknotes introduced in the past? Work on the first series of euro banknotes began long before the euro area and the ECB were established. It was led by the European Monetary Institute (EMI), which initiated the development of the euro banknotes in 1994. A design competition was launched in 1996, and on 13 December 1996, Robert Kalina, an artist at the Oesterreichische Nationalbank, was announced the winner with his idea based on the theme "Ages and styles of Europe". The artist's idea featured windows and gateways on the obverse of the banknotes as symbols of openness, and bridges on the reverse as symbols of cooperation and unity.
The following year and a half was spent developing and refining the design of the euro banknotes. In July 1998, the newly established Governing Council of the ECB officially approved the banknotes' final technical specifications, colour schemes, size standards, and security features. In July 1999, the printing of almost 15 billion new euro banknotes began at highly certified European printing works.
The euro banknotes were presented to the public on 30 August 2001, when detailed information about their security features was provided. In the autumn of the same year, banknotes began to be supplied to commercial banks and retailers across the euro area to ensure that cash would be available from the first morning of introduction. On the night of 31 December 2001 to 1 January 2002, euro banknotes officially entered cash circulation in the 12 euro area countries, replacing national currencies during a two-month changeover period.
A different strategy was adopted for the issuance of the second series of euro banknotes. Their design and introduction took place gradually over several years, with priority given to protection against counterfeiting and banknote durability. On 8 November 2012, then ECB President Mario Draghi announced the decision to introduce the second series of euro banknotes, known as the Europa series, and the different denominations were introduced gradually over several years. The 5 euro banknote was the first to enter circulation in May 2013. The redesigned 10 euro banknote followed, entering circulation in September 2014, at a time when Latvia had recently joined the euro area and introduced the euro.
In May 2019, the final two denominations of the Europa series entered circulation simultaneously. This took place six and a half years after the new series had been announced. The process was gradual and caused no problems for businesses or the public as a whole. I am confident that well-considered decisions will also be taken for the introduction of the third series of euro banknotes.
Latvijas Banka is ready for the practical introduction of the new euro banknotes. We will draw on the experience gained during the introduction of the euro in 2012–2014. Particular attention will be paid to communication with professional cash handlers and particularly vulnerable groups in society, as well as to informing the public at large.
I encourage everyone to follow the latest developments from the ECB and Latvijas Banka. Cash is more than a means of payment and a store of value – it is also one of the elements of society's security. We will develop and issue banknotes and coins for as long as demand for them exists in society. Cash has a future!