ECB President Unveils New €5 Banknote

Mario Draghi, President of the European Central Bank (ECB), unveiled the Europa series €5 banknote. The unveiling was the highlight of the opening of the “New Face of the Euro” exhibition, which is being held at the Archaeological Museum in Frankfurt am Main from 11 January to 10 March 2013.

“Over the years, euro banknotes have become the most visible symbol of European integration. The single currency, the euro, was conceived as a key step towards that goal. Despite the challenges facing the euro area, progress was made in 2012 and I am confident that 2013 will bring a deepening of Economic and Monetary Union and will strengthen European integration,” said Mario Draghi, during the unveiling ceremony.

“Today, 332 million people in 17 countries use euro banknotes every day. And worldwide, the value of euro banknotes circulating is roughly the same as that of US dollar bills. Last month that value was almost 913 billion euro, with around one-quarter of that value circulating outside the euro area, notably in its neighbouring regions. The euro is in fact being increasingly used as a global currency and its banknotes have been circulating inside and outside Europe with ease,” he continued.

The new €5 banknote has benefited from advances in banknote technology since the first series was introduced over ten years ago. It includes some new and enhanced security features. The watermark and hologram display a portrait of Europa, a figure from Greek mythology – and hence the name of this series of banknotes. An eye-catching “emerald number” changes colour from emerald green to deep blue and displays an effect of the light that moves up and down. Short raised lines on the left and right edges of the banknote make it easier to identify the banknote, especially for visually impaired people.

The first series will initially circulate alongside the new banknotes, but will gradually be withdrawn and eventually cease to be legal tender. The date when this occurs will be announced well in advance. However, the banknotes of the first series will retain their value indefinitely and can be exchanged at euro area national central banks at any time.