European Central Bank picks two themes for redesign submissions: ‘iconic personalities’ or rivers and birds

He was a master of notes, and now the German composer Ludwig van Beethoven could be one of the faces of the redesigned euro, the first time the EU currency’s banknotes have been revamped.

In a process that started in 2021 and has already involved a public inquiry and two multidisciplinary advisory groups, the European Central Bank (ECB) has selected two themes for the redesign.

Live coverage of business, economics and financial news as ECB cuts main interest rate by 0.25 percentage points in effort to support growth

It was a flash reading on the Eurozone economy, so we don’t have the details on what the drivers were. But it’s clear that it was a weak end to 2024.

But the European Central Bank might be able to spur a bit of economic growth in the eurozone with looser monetary policy.

This marks a weak end to last year, following positive growth in the first three quarters of 2024. As a result, first estimates suggest that the currency bloc as a whole grew by 0.7% in 2024. Declining activity in Germany – the Eurozone’s largest economy – has weighed on the bloc’s growth, with German GDP contracting by 0.2% on the quarter. This suggests Germany has now seen annual declines in activity for two consecutive years.

In 2025, further loosening of monetary conditions is expected to provide a modest uptick in activity for both Germany and the Eurozone, with growth expected to amount to 0.3% and 1.0% respectively.