“After twenty years, it is time to renew the appearance of our banknotes so that European citizens of every age and background can identify with them.” These are the words of Christine Lagarde, President of the ECB. In 2021 the institution announced its intention to refresh the design of six euro denominations (5, 10, 20, 50, 100 and 200). At the end of April 2026 an important step in this process took place.
Key steps for the new banknotes
The first euro banknotes entered circulation on 1 January 2002. In December 2021 the ECB announced its plan to update the graphic design of euro banknotes as part of developing a new series. “We want to ensure that euro banknotes remain available and accessible and that they will continue to be a secure and efficient means of payment in the future. We also want euro banknotes to be more sustainable and more respectful of the environment. That is why we consider the environmental footprint of banknotes to reduce their environmental impact through new materials and processes. Developing the new series is also an opportunity to make banknotes more inclusive,” the European Central Bank’s website states.
On 30 November 2023 the ECB’s Governing Council decided to move to the next phase of the design process for the new euro banknotes, selecting two possible themes-‘European culture’ and ‘Rivers and birds’-along with their decorative motifs. On 15 July 2025 the ECB officially launched a design competition for future euro banknotes, inviting graphic designers resident in the European Union to take part.
Selected designers received detailed guidelines and were asked to submit their design proposals, for one or both themes, by the end of April 2026. All proposals will be assessed by the competition jury, made up of independent experts. The jury will select up to 10 proposals (5 per theme) to forward to the Governing Council for review.
The design competition is expected to conclude in June 2026; all participants will be informed of the results. Afterwards, the ECB will run a public consultation to gather citizens’ views on the proposals chosen for the final phase. The Governing Council will take this feedback into account before announcing the final proposed design for the future euro banknotes, expected by the end of 2026.
Once the final proposal is selected, the Governing Council will decide when to start producing and issuing the new banknotes. The date when the new notes will enter circulation has not yet been set. It will therefore be several more years before they are in people’s pockets.
What will happen to the 500 banknote
The 500 banknote will no longer be issued, as decided by the ECB in 2019 when emissions of this denomination for the current series were stopped. On 4 May 2016 the Governing Council of the European Central Bank decided that the 500 denomination would not be included in the Europa series and that its issuance would cease around the end of 2018.
Eurosystem central banks continued to distribute 500 banknotes until 26 January 2019. To ensure a smooth transition and for logistical reasons, the central banks of Germany (Deutsche Bundesbank) and Austria (Oesterreichische Nationalbank) continued issuing the 500 note until 26 April 2019.
500 banknotes remain legal tender and can still be used for payments and as a store of value: like all other euro banknotes, they will always retain their face value and can be exchanged at Eurosystem central banks without any time limit. Professional operators (banks, service companies, currency exchange firms, etc.) may continue to recirculate 500 banknotes.