European Central Bank changes the design of banknotes. Instead of stylized architectural monuments, the faces of European intellectual giants will be seen on the new euro banknotes, said Bundesbank President Joachim Nagel to the Focus news magazine.
“Europe has produced significant minds in science and culture, who would excel on the euro banknotes” said Nagel, who is also a member of the ECB council. The central bank apparently thinks more of historical figures like Leonardo da Vinci or Hildegard of Bingen, rather than politicians from recent history like Helmut Kohl, who paved the way for the currency union. The Bundesbank President did not yet name specific individuals: “We haven’t made up our minds yet. But we will certainly find outstanding motifs for our six banknotes – from the five-euro bill to the 200-euro note.”
The European Central Bank’s President does not fear the currency union breaking apart, as the budget discipline of individual members is crumbling. “The end of the euro is not a topic for me.” He also does not lose sleep over the downgraded credit rating of France due to its high national debt, said the Bundesbank President.
“It is important that all member states follow the fiscal rules recently reformed. And I assume this will be taken seriously. Of course, economic data, debt, and deficits are reflected in risk premiums. This is an important signal to fiscal policy. Financial markets and fiscal rules complement each other here.