EU to get rid of euro: which banknotes will become unnecessary.

The cash circulation of euro in the European Union is undergoing optimization

The process of optimizing cash circulation is ongoing in the European Union. Several denominations of the euro are changing their design or being phased out of use. It is important for Ukrainians to know which banknotes and coins are currently relevant.

'Given the international role of the euro and the widespread trust in its banknotes, the 500 euro will remain a legal means of payment and can therefore still be used in transactions. The banknote will always retain its value, and it can be exchanged at national central banks', — explains the ECB.

One of the denominations that is gradually being phased out is the 500 euro. This decision was made due to the increase in counterfeiting of these banknotes and their use in illegal financial operations. Despite this, the 500 euro remains a legal means of payment.

Some EU countries have already eliminated 1 and 2-cent coins. By May 2025, Belgium, the Netherlands, Finland, Ireland, Slovakia, Italy, Estonia, and Lithuania are included in this list. In these countries, stores are required to round amounts when paying in cash.

Similar changes are also being discussed in Spain, France, Germany, Portugal, and Austria. Although small coins formally remain a legal means of payment, their removal from circulation is expected to simplify cash transactions and reduce the number of lost coins.

Banknotes of 5, 10, and 20 euros for everyday expenses and 100 and 200 euros for large purchases and savings in the EU remain valid.

The ECB is also working on updating the design of all euro banknotes, reflecting not only changes in payment methods with the expansion of online banking but also the transformation of European identity and values.

It is noted that recently in Spain and Italy, panic moods have been fueled by fake messages about the cessation of use of 50 euro banknotes, however, this information is false.