The European Central Bank today officially unveiled the design of the new euro notes and coins that will become the currency of the euro zone on January 1st, 2002.
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There will be seven banknotes in denominations of euro 5, 10, 20, 50, 100, 200 and 500. The banknotes will carry the same design throughout the euro zone.
The eight denominations of coins will vary in size, colour and thickness according to their values, which are 1, 2, 5, 10, 20 and 50 cents or euro 1 and euro 2.
One euro is divided into 100 cents. One side of each coin will feature one of three designs common to all 12 euro area countries showing different maps of Europe surrounded by the 12 stars of the European Union.
The euro banknotes have pictures of windows, arches, gateways and bridges on them as well as a map of Europe and the European flag.
According to the ECB, the windows and gateways symbolise the "European spirit of openness and co-operation". "The 12 stars of the European Union represent the dynamism and harmony between European nations" the ECB said.
To complement these designs, the reverse of each banknote features a bridge. "The bridges symbolise the close co-operation and communication between Europe and the rest of the world," according to the ECB.
The ECB said today over 14.5 billion euro banknotes are being produced - 10 billion are needed to replace the national banknotes in circulation, and 4.5 billion will be held in reserve.
This stock will help to accommodate any variation in demand during the changeover period.
The new coins – 50 billion of them – will have one side common to all 12 countries and a reverse side specific to each country. The 14.5 billion banknotes will look the same throughout the euro area.
The banknotes and coins being produced total over euro 664 billion.