Euro banknotes to get first full redesigns within a couple years

Dec. 6 (UPI) -- The euro banknotes will be fully redesigned for the first time in their existence, the European Central Bank announced on Monday.

The ECB said it expects to settle on final designs by 2024.

Euro coins and banknotes were introduced in 2002 and have not yet had a full redesign. They are used in nearly two dozen countries in the European Union, a group that's known as the eurozone.

ECB President Christine Lagarde said it's time to review the look of the 20-year-old notes "to make them more relatable to Europeans of all ages and backgrounds."

"Euro banknotes are here to stay," Lagarde said in a statement. "They are a tangible and visible symbol that we stand together in Europe, particularly in times of crisis, and there is still a strong demand for them."

Officials said the ECB will create a focus group to look into the new designs and will at some point seek input from citizens in the eurozone on what the new notes will ultimately look like.

The suggestions will be vetted by an advisory group and a shortlist of themes will be submitted to the ECB Governing Council.

The redesign plan is part of the central bank's Cash 2030 vision, which aims to reinforce euro cash as a physical currency amid the emergence of digital currencies and cashless systems.