Euro Banknotes to Remain Paper, Not Plastic
Resisting a move to plastic money, Euro banknotes will remain paper as the European Central Bank chooses to fight counterfeiting with new security measures, according to Reuters.
The ECF also has no plans to eliminate the 500-euro notes favored by some criminals.
Polymer notes were first adopted by Australia in 1988 and are not used in more than 20 countries, and Britain will make the shift in 2016. The BoE has estimated that plastic banknotes will save Britain 100 million pounds ($164.85 million) over a decade, Reuters reports.
According to ECB Executive Board member Yves Mersch, the ECB thought this was the most cost-conscious option, balancing security and costs. The new notes will have a protective coating, extending their lifetime.
Mersch was unveiling a new 10-euro banknote, which is designed to stay ahead of counterfeiters, although the 20- and 50-euro bills remain counterfeiters’ favorites, accounting for more than three-quarters of fake bills, the article reports.