CINXE.COM

Denominations

<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>Denominations</title> <meta property="article:published_time" content="2018-09-13"> <link rel="canonical" href="https://www.ecb.europa.eu/euro/banknotes/current/denominations/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="You would not believe how many security features there are in a banknote. Discover them with our 3D simulation!"> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'en'; ECB.isoLocalLanguageName = 'English'; ECB.isLive = true; ECB.version = '2646225'; ECB.navigationVersion = '1732198280'; ECB.clientTimeError = 1732387997 - (new Date().getTime()); ECB.availableLanguages = [{"bg": "Български"},{"cs": "Čeština"},{"da": "Dansk"},{"de": "Deutsch"},{"el": "Eλληνικά"},{"en": "English"},{"es": "Español"},{"et": "Eesti keel"},{"fi": "Suomi"},{"fr": "Français"},{"ga": "Gaeilge"},{"hr": "Hrvatski"},{"hu": "Magyar"},{"it": "Italiano"},{"lt": "Lietuvių"},{"lv": "Latviešu"},{"mt": "Malti"},{"nl": "Nederlands"},{"pl": "Polski"},{"pt": "Português"},{"ro": "Română"},{"sk": "Slovenčina"},{"sl": "Slovenščina"},{"sv": "Svenska"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2646225" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1 January 1970"> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="Denominations"> <meta property="og:url" content="https://www.ecb.europa.eu/euro/banknotes/current/denominations/html/index.en.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/euro/banknotes/shared/img/socialmedia/social-default.jpg?41c0621cace3d2de86489185e5ed9513"> <meta property="og:image" content="https://www.ecb.europa.eu/euro/banknotes/shared/img/socialmedia/social-default.jpg?41c0621cace3d2de86489185e5ed9513" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:description" content="You would not believe how many security features there are in a banknote. Discover them with our 3D simulation!"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2646225"></script> </head> <body class="project-ecb section-euro sub-banknotes sub-current sub-denominations "> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <div class="logo-name"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.en.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_EN.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" tabindex="1" aria-haspopup="true"><i></i><span class="ecb-full">EN</span></div> <div id="language-values"> <a href="index.bg.html" class="available" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" class="available" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" class="available" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" class="available" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" class="available" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="selected available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" class="available" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" class="available" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" class="available" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" class="available" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" class="available" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" class="available" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" class="available" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" class="available" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" class="available" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" class="available" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" class="available" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" class="available" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" class="available" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" class="available" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" class="available" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" class="available" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" class="available" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" class="available" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy & markets"></a><a href="/mopo/html/index.en.html" title="visit page Monetary policy & markets">Monetary policy & markets</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetary policy & markets</div> <p>Our monetary policy strategy, the tools we use and the impact they have</p> <a href="/mopo/html/index.en.html">Overview of monetary policy and markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">17 October 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Introduction"></a><a href="/mopo/intro/html/index.en.html" title="visit page Introduction">Introduction</a><ul><li><a href="/mopo/intro/benefits/html/index.en.html" title="visit page Benefits of price stability">Benefits of price stability</a></li><li><a href="/mopo/intro/role/html/index.en.html" title="visit page Scope of monetary policy">Scope of monetary policy</a></li><li><a href="/mopo/intro/transmission/html/index.en.html" title="visit page Transmission mechanism">Transmission mechanism</a></li></ul></li><li><a href="/mopo/decisions/html/index.en.html" title="visit page Decisions, statements & accounts">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy strategy"></a><a href="/mopo/strategy/html/index.en.html" title="visit page Monetary policy strategy">Monetary policy strategy</a><ul><li><a href="/mopo/strategy/strategy-review/html/index.en.html" title="visit page Strategy review">Strategy review</a></li><li><a href="/mopo/strategy/medium-term-orientation/html/index.en.html" title="visit page Medium-term orientation">Medium-term orientation</a></li><li><a href="/mopo/strategy/pricestab/html/index.en.html" title="visit page Two per cent inflation target">Two per cent inflation target</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic, monetary and financial analysis"></a><a href="/mopo/devel/html/index.en.html" title="visit page Economic, monetary and financial analysis">Economic, monetary and financial analysis</a><ul><li><a href="/mopo/devel/ecana/html/index.en.html" title="visit page Economic analysis">Economic analysis</a></li><li><a href="/mopo/devel/monan/html/index.en.html" title="visit page Monetary and financial analysis">Monetary and financial analysis</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Instruments"></a><a href="/mopo/implement/html/index.en.html" title="visit page Instruments">Instruments</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Open market operations"></a><a href="/mopo/implement/omo/html/index.en.html" title="visit page Open market operations">Open market operations</a><ul><li><a href="/mopo/implement/omo/tltro/html/index.en.html" title="visit page TLTROs">TLTROs</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Asset purchase programmes"></a><a href="/mopo/implement/app/html/index.en.html" title="visit page Asset purchase programmes">Asset purchase programmes</a><ul><li><a href="/mopo/implement/app/lending/html/index.en.html" title="visit page Securities lending">Securities lending</a></li></ul></li><li><a href="/mopo/implement/pepp/html/index.en.html" title="visit page Pandemic emergency purchase programme">Pandemic emergency purchase programme</a></li><li><a href="/mopo/implement/sf/html/index.en.html" title="visit page Standing facilities">Standing facilities</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Minimum reserves"></a><a href="/mopo/implement/mr/html/index.en.html" title="visit page Minimum reserves">Minimum reserves</a><ul><li><a href="/mopo/implement/mr/two-tier/html/index.en.html" title="visit page Two-tier system">Two-tier system</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for International market operations"></a><a href="/mopo/international-market-operations/html/index.en.html" title="visit page International market operations">International market operations</a><ul><li><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html" title="visit page Euro central bank liquidity lines">Euro central bank liquidity lines</a></li></ul></li><li><a href="/mopo/ela/html/index.en.html" title="visit page Emergency liquidity assistance (ELA)">Emergency liquidity assistance (ELA)</a></li><li><a href="/mopo/liq/html/index.en.html" title="visit page Liquidity analysis">Liquidity analysis</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Collateral"></a><a href="/mopo/coll/html/index.en.html" title="visit page Collateral">Collateral</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eligibility criteria and assessment"></a><a href="/mopo/coll/standards/html/index.en.html" title="visit page Eligibility criteria and assessment">Eligibility criteria and assessment</a><ul><li><a href="/mopo/coll/standards/marketable/html/index.en.html" title="visit page Marketable assets">Marketable assets</a></li><li><a href="/mopo/coll/standards/nonmarketable/html/index.en.html" title="visit page Non-marketable assets">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for List of eligible marketable assets"></a><a href="/mopo/coll/assets/html/index.en.html" title="visit page List of eligible marketable assets">List of eligible marketable assets</a><ul><li><a href="/mopo/coll/assets/guide/html/index.en.html" title="visit page User guide">User guide</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Mobilising collateral"></a><a href="/mopo/coll/coll/html/index.en.html" title="visit page Mobilising collateral">Mobilising collateral</a><ul><li><a href="/mopo/coll/coll/ccbm/html/index.en.html" title="visit page CCBM">CCBM</a></li><li><a href="/mopo/coll/coll/eligiblesss/html/index.en.html" title="visit page Eligible SSSs">Eligible SSSs</a></li><li><a href="/mopo/coll/coll/ssslinks/html/index.en.html" title="visit page Eligible links">Eligible links</a></li><li><a href="/mopo/coll/coll/triparty/html/index.en.html" title="visit page Eligible triparty agents">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Risk mitigation"></a><a href="/mopo/coll/risk/html/index.en.html" title="visit page Risk mitigation">Risk mitigation</a><ul><li><a href="/mopo/coll/risk/ecaf/html/index.en.html" title="visit page ECAF">ECAF</a></li><li><a href="/mopo/coll/risk/riskcontrol/html/index.en.html" title="visit page Risk control">Risk control</a></li><li><a href="/mopo/coll/risk/liquidity/html/index.en.html" title="visit page Haircut categories">Haircut categories</a></li><li><a href="/mopo/coll/risk/valuation/html/index.en.html" title="visit page Valuation">Valuation</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Loan-level requirements"></a><a href="/mopo/coll/loanlevel/html/index.en.html" title="visit page Loan-level requirements">Loan-level requirements</a><ul><li><a href="/mopo/coll/loanlevel/transmission/html/index.en.html" title="visit page Data templates">Data templates</a></li><li><a href="/mopo/coll/loanlevel/implementation/html/index.en.html" title="visit page Eligibility requirements">Eligibility requirements</a></li><li><a href="/mopo/coll/loanlevel/faq/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li><a href="/mopo/coll/contacts/html/index.en.html" title="visit page Contacts">Contacts</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Structure of the euro area economy"></a><a href="/mopo/eaec/html/index.en.html" title="visit page Structure of the euro area economy">Structure of the euro area economy</a><ul><li><a href="/mopo/eaec/ecopolicy/html/index.en.html" title="visit page Economic policy">Economic policy</a></li><li><a href="/mopo/eaec/fiscal/html/index.en.html" title="visit page Fiscal policies">Fiscal policies</a></li><li><a href="/mopo/eaec/trade/html/index.en.html" title="visit page External trade">External trade</a></li><li><a href="/mopo/eaec/eer/html/index.en.html" title="visit page Effective exchange rates">Effective exchange rates</a></li><li><a href="/mopo/eaec/structure/html/index.en.html" title="visit page Financial structure">Financial structure</a></li><li><a href="/mopo/eaec/markets/html/index.en.html" title="visit page Financial markets">Financial markets</a></li><li><a href="/mopo/eaec/intermediaries/html/index.en.html" title="visit page Financial intermediaries">Financial intermediaries</a></li><li><a href="/mopo/eaec/diversity/html/index.en.html" title="visit page Economic diversity">Economic diversity</a></li><li><a href="/mopo/eaec/labour/html/index.en.html" title="visit page Labour market">Labour market</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Market contact groups"></a><a href="/mopo/market-contact-groups/html/index.en.html" title="visit page Market contact groups">Market contact groups</a><ul><li><a href="/mopo/market-contact-groups/bmcg/html/index.en.html" title="visit page Bond market (BMCG)">Bond market (BMCG)</a></li><li><a href="/mopo/market-contact-groups/mmcg/html/index.en.html" title="visit page Money market (MMCG)">Money market (MMCG)</a></li><li><a href="/mopo/market-contact-groups/dimcg/html/index.en.html" title="visit page Debt Issuance Market Contact Group (DIMCG)">Debt Issuance Market Contact Group (DIMCG)</a></li><li><a href="/mopo/market-contact-groups/omg/html/index.en.html" title="visit page ECB Operations managers group (ECB OMG)">ECB Operations managers group (ECB OMG)</a></li><li><a href="/mopo/market-contact-groups/fxcg/html/index.en.html" title="visit page Foreign exchange (FXCG)">Foreign exchange (FXCG)</a></li><li><a href="/mopo/market-contact-groups/iid/html/index.en.html" title="visit page Institutional Investor Dialogue (IID)">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Payments & financial stability"></a><a href="/paym/html/index.en.html" title="visit page Payments & financial stability">Payments & financial stability</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments infrastructure</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</a></li> </ul> </div> <a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li><span>Payments</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGET Services"></a><a href="/paym/target/html/index.en.html" title="visit page TARGET Services">TARGET Services</a><ul><li><a href="/paym/target/coco/html/index.en.html" title="visit page Shared features">Shared features</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2"></a><a href="/paym/target/t2/html/index.en.html" title="visit page T2">T2</a><ul><li><a href="/paym/target/t2/governance/html/index.en.html" title="visit page Governance">Governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2S"></a><a href="/paym/target/t2s/html/index.en.html" title="visit page T2S">T2S</a><ul><li><a href="/paym/target/t2s/governance/html/index.en.html" title="visit page Governance">Governance</a></li><li><a href="/paym/target/t2s/facts/html/index.en.html" title="visit page Facts and figures">Facts and figures</a></li><li><a href="/paym/target/t2s/pricing/html/index.en.html" title="visit page Pricing">Pricing</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TIPS"></a><a href="/paym/target/tips/html/index.en.html" title="visit page TIPS">TIPS</a><ul><li><a href="/paym/target/tips/governance/html/index.en.html" title="visit page Governance">Governance</a></li><li><a href="/paym/target/tips/facts/html/index.en.html" title="visit page Facts and figures">Facts and figures</a></li><li><a href="/paym/target/tips/onboarding/html/index.en.html" title="visit page Onboarding">Onboarding</a></li></ul></li><li><a href="/paym/target/ecms/html/index.en.html" title="visit page ECMS">ECMS</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGET professional use documents & links"></a><a href="/paym/target/target-professional-use-documents-links/html/index.en.html" title="visit page TARGET professional use documents & links">TARGET professional use documents & links</a><ul><li><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html" title="visit page Shared features documents & links">Shared features documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html" title="visit page T2 documents & links">T2 documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html" title="visit page T2S documents & links">T2S documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html" title="visit page TIPS documents & links">TIPS documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html" title="visit page ECMS documents & links">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Integration and innovation"></a><a href="/paym/integration/html/index.en.html" title="visit page Integration and innovation">Integration and innovation</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Distributed ledger technologies"></a><a href="/paym/integration/distributed/html/index.en.html" title="visit page Distributed ledger technologies">Distributed ledger technologies</a><ul><li><a href="/paym/integration/distributed/exploratory/html/index.en.html" title="visit page Exploratory work">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Retail payments"></a><a href="/paym/integration/retail/html/index.en.html" title="visit page Retail payments">Retail payments</a><ul><li><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html" title="visit page Retail payments strategy">Retail payments strategy</a></li><li><a href="/paym/integration/retail/ecb/html/index.en.html" title="visit page ECB as a catalyst">ECB as a catalyst</a></li><li><a href="/paym/integration/retail/sepa/html/index.en.html" title="visit page SEPA">SEPA</a></li><li><a href="/paym/integration/retail/instant_payments/html/index.en.html" title="visit page Instant payments">Instant payments</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Collateral management harmonisation"></a><a href="/paym/integration/collateral/html/index.en.html" title="visit page Collateral management harmonisation">Collateral management harmonisation</a><ul><li><a href="/paym/integration/collateral/implementation/html/index.en.html" title="visit page Implementation">Implementation</a></li><li><a href="/paym/integration/collateral/faq/html/index.en.html" title="visit page FAQ">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cyber resilience"></a><a href="/paym/cyber-resilience/html/index.en.html" title="visit page Cyber resilience">Cyber resilience</a><ul><li><a href="/paym/cyber-resilience/fmi/html/index.en.html" title="visit page Financial market infrastructures">Financial market infrastructures</a></li><li><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html" title="visit page TIBER-EU">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Oversight"></a><a href="/paym/pol/html/index.en.html" title="visit page Oversight">Oversight</a><ul><li><a href="/paym/pol/systems/html/index.en.html" title="visit page Payment systems">Payment systems</a></li><li><a href="/paym/pol/target2-securities/html/index.en.html" title="visit page TARGET2-Securities">TARGET2-Securities</a></li><li><a href="/paym/pol/instr/html/index.en.html" title="visit page Electronic payments">Electronic payments</a></li><li><a href="/paym/pol/clearing/html/index.en.html" title="visit page Securities settlement systems and central counterparties">Securities settlement systems and central counterparties</a></li><li><a href="/paym/pol/critical/html/index.en.html" title="visit page Critical service providers">Critical service providers</a></li><li><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html" title="visit page Correspondent and custodian banks">Correspondent and custodian banks</a></li><li><a href="/paym/pol/forum/html/index.en.html" title="visit page SecuRe Pay forum">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Reserve management services"></a><a href="/paym/erms/html/index.en.html" title="visit page Reserve management services">Reserve management services</a><ul><li><a href="/paym/erms/aspects/html/index.en.html" title="visit page Key aspects">Key aspects</a></li><li><a href="/paym/erms/service/html/index.en.html" title="visit page Range of services">Range of services</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cash professionals"></a><a href="/paym/cashprof/html/index.en.html" title="visit page Cash professionals">Cash professionals</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cash handling"></a><a href="/paym/cashprof/cashhand/html/index.en.html" title="visit page Cash handling">Cash handling</a><ul><li><a href="/paym/cashprof/cashhand/devices/html/index.en.html" title="visit page Authentication devices">Authentication devices</a></li><li><a href="/paym/cashprof/cashhand/recycling/html/index.en.html" title="visit page Recirculation of banknotes">Recirculation of banknotes</a></li></ul></li><li><a href="/paym/cashprof/cdispec/html/index.en.html" title="visit page Common detector interface specifications">Common detector interface specifications</a></li><li><a href="/paym/cashprof/accreditation/html/index.en.html" title="visit page Banknote manufacturer accreditation">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Payment contact groups"></a><a href="/paym/groups/html/index.en.html" title="visit page Payment contact groups">Payment contact groups</a><ul><li><a href="/paym/groups/ami/html/index.en.html" title="visit page Advisory groups on market infrastructures">Advisory groups on market infrastructures</a></li><li><a href="/paym/groups/euro-cyber-board/html/index.en.html" title="visit page Euro Cyber Resilience Board">Euro Cyber Resilience Board</a></li><li><a href="/paym/groups/erpb/html/index.en.html" title="visit page Euro Retail Payments Board (ERPB)">Euro Retail Payments Board (ERPB)</a></li><li><a href="/paym/groups/efip/html/index.en.html" title="visit page European Forum for Innovation in Payments (EFIP)">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li><span>Financial stability</span></li><li><a href="/paym/financial-stability/html/index.en.html" title="visit page Introduction to financial stability">Introduction to financial stability</a></li><li><a href="/paym/macroprudential-measures/html/index.en.html" title="visit page Macroprudential Measures">Macroprudential Measures</a></li><li><a href="/paym/financial_stability_contact_groups/html/index.en.html" title="visit page Financial stability contact groups">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Statistics"></a><a href="/stats/html/index.en.html" title="visit page Statistics">Statistics</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li><span>Frequently accessed</span></li><li><a href="/stats/euro-exchange-rates/html/index.en.html" title="visit page Euro exchange rates">Euro exchange rates</a></li><li><a href="/stats/key-ecb-interest-rates/html/index.en.html" title="visit page Key ECB interest rates">Key ECB interest rates</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Euro short-term rate (€STR)"></a><a href="/stats/euro-short-term-rates/html/index.en.html" title="visit page Euro short-term rate (€STR)">Euro short-term rate (€STR)</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Interest rate benchmarks"></a><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html" title="visit page Interest rate benchmarks">Interest rate benchmarks</a><ul><li><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html" title="visit page Working group on euro risk-free rates">Working group on euro risk-free rates</a></li></ul></li></ul></li><li><a href="/stats/inflation/html/index.en.html" title="visit page Inflation">Inflation</a></li><li><a href="/stats/euro-area-yield-curves/html/index.en.html" title="visit page Euro area yield curves">Euro area yield curves</a></li><li><span>All statistics & background</span></li><li><a href="/stats/all-key-statistics/html/index.en.html" title="visit page All key statistics">All key statistics</a></li><li><a href="/stats/accessing-our-data/html/index.en.html" title="visit page All data services">All data services</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Data reporting & standards"></a><a href="/stats/ecb_statistics/html/index.en.html" title="visit page Data reporting & standards">Data reporting & standards</a><ul><li><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html" title="visit page Governance and quality framework">Governance and quality framework</a></li><li><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html" title="visit page Co-operation and standards">Co-operation and standards</a></li><li><a href="/stats/ecb_statistics/reporting/html/index.en.html" title="visit page Banks’ data reporting">Banks’ data reporting</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for AnaCredit"></a><a href="/stats/ecb_statistics/anacredit/html/index.en.html" title="visit page AnaCredit">AnaCredit</a><ul><li><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html" title="visit page AnaCredit Q&A">AnaCredit Q&A</a></li></ul></li><li><a href="/stats/ecb_statistics/consultations/html/index.en.html" title="visit page Public consultations">Public consultations</a></li><li><a href="/stats/ecb_statistics/dialogue/html/index.en.html" title="visit page Banking industry dialogue on ESCB statistics and integrated reporting">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li><a href="/stats/ecb_statistics/sdmx/html/index.en.html" title="visit page SDMX – statistical data exchange model">SDMX – statistical data exchange model</a></li><li><a href="/stats/ecb_statistics/inexda/html/index.en.html" title="visit page INEXDA - granular data network">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for The euro"></a><a href="/euro/html/index.en.html" title="visit page The euro">The euro</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">First progress report on the preparation phase of a digital euro</div> <div class="image-date">24 June 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Digital euro"></a><a href="/euro/digital_euro/html/index.en.html" title="visit page Digital euro">Digital euro</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for What it is"></a><a href="/euro/digital_euro/features/html/index.en.html" title="visit page What it is">What it is</a><ul><li><a href="/euro/digital_euro/features/privacy/html/index.en.html" title="visit page Digital euro and privacy">Digital euro and privacy</a></li></ul></li><li><a href="/euro/digital_euro/how-it-works/html/index.en.html" title="visit page How it works">How it works</a></li><li><a href="/euro/digital_euro/why-we-need-it/html/index.en.html" title="visit page Why we need it">Why we need it</a></li><li><a href="/euro/digital_euro/progress/html/index.en.html" title="visit page Timeline and progress">Timeline and progress</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for In-depth information"></a><a href="/euro/digital_euro/timeline/html/index.en.html" title="visit page In-depth information">In-depth information</a><ul><li><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html" title="visit page Governance and stakeholder engagement">Governance and stakeholder engagement</a></li><li><a href="/euro/digital_euro/timeline/profuse/html/index.en.html" title="visit page Technical documents and research">Technical documents and research</a></li><li><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html" title="visit page Scheme rulebook">Scheme rulebook</a></li></ul></li><li><a href="/euro/digital_euro/faqs/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li><span>Cash</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for The Eurosystem cash strategy"></a><a href="/euro/cash_strategy/html/index.en.html" title="visit page The Eurosystem cash strategy">The Eurosystem cash strategy</a><ul><li><a href="/euro/cash_strategy/cash_role/html/index.en.html" title="visit page The role of cash">The role of cash</a></li><li><a href="/euro/cash_strategy/issuance/html/index.en.html" title="visit page Issuance and circulation">Issuance and circulation</a></li><li><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html" title="visit page Access to and acceptance of cash">Access to and acceptance of cash</a></li><li><a href="/euro/cash_strategy/faqs/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Banknotes"></a><a href="/euro/banknotes/html/index.en.html" title="visit page Banknotes">Banknotes</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Future banknotes"></a><a href="/euro/banknotes/future_banknotes/html/index.en.html" title="visit page Future banknotes">Future banknotes</a><ul><li><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html" title="visit page Redesign process">Redesign process</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Current banknotes"></a><a href="/euro/banknotes/current/html/index.en.html" title="visit page Current banknotes">Current banknotes</a><ul><li><a href="/euro/banknotes/current/denominations/html/index.en.html" title="visit page Denominations">Denominations</a></li><li><a href="/euro/banknotes/current/design/html/index.en.html" title="visit page Design elements">Design elements</a></li><li><a href="/euro/banknotes/current/security/html/index.en.html" title="visit page Security features">Security features</a></li></ul></li><li><a href="/euro/banknotes/ac/html/index.en.html" title="visit page Anti-counterfeiting">Anti-counterfeiting</a></li><li><a href="/euro/banknotes/production/html/index.en.html" title="visit page Banknote production and stocks">Banknote production and stocks</a></li><li><a href="/euro/banknotes/damaged/html/index.en.html" title="visit page Damaged and inked-stained banknotes">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Environment, health and safety"></a><a href="/euro/banknotes/environmental/html/index.en.html" title="visit page Environment, health and safety">Environment, health and safety</a><ul><li><a href="/euro/banknotes/environmental/pef/html/index.en.html" title="visit page Product environmental footprint">Product environmental footprint</a></li></ul></li><li><a href="/euro/banknotes/research/html/index.en.html" title="visit page Research and development">Research and development</a></li><li><a href="/euro/banknotes/images/html/index.en.html" title="visit page Images and reproduction rules">Images and reproduction rules</a></li><li><a href="/euro/banknotes/info/html/index.en.html" title="visit page Information and training materials">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Coins"></a><a href="/euro/coins/html/index.en.html" title="visit page Coins">Coins</a><ul><li><a href="/euro/coins/2euro/html/index.en.html" title="visit page €2">€2</a></li><li><a href="/euro/coins/1euro/html/index.en.html" title="visit page €1">€1</a></li><li><a href="/euro/coins/50cents/html/index.en.html" title="visit page 50 cent">50 cent</a></li><li><a href="/euro/coins/20cents/html/index.en.html" title="visit page 20 cent">20 cent</a></li><li><a href="/euro/coins/10cents/html/index.en.html" title="visit page 10 cent">10 cent</a></li><li><a href="/euro/coins/5cents/html/index.en.html" title="visit page 5 cent">5 cent</a></li><li><a href="/euro/coins/2cents/html/index.en.html" title="visit page 2 cent">2 cent</a></li><li><a href="/euro/coins/1cent/html/index.en.html" title="visit page 1 cent">1 cent</a></li><li><a href="/euro/coins/common/html/index.en.html" title="visit page Common sides">Common sides</a></li><li><a href="/euro/coins/comm/html/index.en.html" title="visit page €2 commemorative coins">€2 commemorative coins</a></li><li><a href="/euro/coins/security/html/index.en.html" title="visit page Security features">Security features</a></li><li><a href="/euro/coins/collect/html/index.en.html" title="visit page Collector coins">Collector coins</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Joining the euro area"></a><a href="/euro/changeover/html/index.en.html" title="visit page Joining the euro area">Joining the euro area</a><ul><li><a href="/euro/changeover/croatia/html/index.en.html" title="visit page Croatia (2023)">Croatia (2023)</a></li><li><a href="/euro/changeover/lithuania/html/index.en.html" title="visit page Lithuania (2015)">Lithuania (2015)</a></li><li><a href="/euro/changeover/latvia/html/index.en.html" title="visit page Latvia (2014)">Latvia (2014)</a></li><li><a href="/euro/changeover/estonia/html/index.en.html" title="visit page Estonia (2011)">Estonia (2011)</a></li><li><a href="/euro/changeover/slovakia/html/index.en.html" title="visit page Slovakia (2009)">Slovakia (2009)</a></li><li><a href="/euro/changeover/cyprus/html/index.en.html" title="visit page Cyprus (2008)">Cyprus (2008)</a></li><li><a href="/euro/changeover/malta/html/index.en.html" title="visit page Malta (2008)">Malta (2008)</a></li><li><a href="/euro/changeover/slovenia/html/index.en.html" title="visit page Slovenia (2007)">Slovenia (2007)</a></li><li><a href="/euro/changeover/2002/html/index.en.html" title="visit page Initial changeover (2002)">Initial changeover (2002)</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Exchanging national cash"></a><a href="/euro/exchange/html/index.en.html" title="visit page Exchanging national cash">Exchanging national cash</a><ul><li><a href="/euro/exchange/au/html/index.en.html" title="visit page Austria">Austria</a></li><li><a href="/euro/exchange/be/html/index.en.html" title="visit page Belgium">Belgium</a></li><li><a href="/euro/exchange/hr/html/index.en.html" title="visit page Croatia">Croatia</a></li><li><a href="/euro/exchange/cy/html/index.en.html" title="visit page Cyprus">Cyprus</a></li><li><a href="/euro/exchange/et/html/index.en.html" title="visit page Estonia">Estonia</a></li><li><a href="/euro/exchange/fi/html/index.en.html" title="visit page Finland">Finland</a></li><li><a href="/euro/exchange/fr/html/index.en.html" title="visit page France">France</a></li><li><a href="/euro/exchange/de/html/index.en.html" title="visit page Germany">Germany</a></li><li><a href="/euro/exchange/gr/html/index.en.html" title="visit page Greece">Greece</a></li><li><a href="/euro/exchange/ir/html/index.en.html" title="visit page Ireland">Ireland</a></li><li><a href="/euro/exchange/it/html/index.en.html" title="visit page Italy">Italy</a></li><li><a href="/euro/exchange/lv/html/index.en.html" title="visit page Latvia">Latvia</a></li><li><a href="/euro/exchange/lt/html/index.en.html" title="visit page Lithuania">Lithuania</a></li><li><a href="/euro/exchange/lu/html/index.en.html" title="visit page Luxembourg">Luxembourg</a></li><li><a href="/euro/exchange/mt/html/index.en.html" title="visit page Malta">Malta</a></li><li><a href="/euro/exchange/nl/html/index.en.html" title="visit page The Netherlands">The Netherlands</a></li><li><a href="/euro/exchange/pt/html/index.en.html" title="visit page Portugal">Portugal</a></li><li><a href="/euro/exchange/slovakia/html/index.en.html" title="visit page Slovakia">Slovakia</a></li><li><a href="/euro/exchange/sl/html/index.en.html" title="visit page Slovenia">Slovenia</a></li><li><a href="/euro/exchange/es/html/index.en.html" title="visit page Spain">Spain</a></li></ul></li><li><a href="/euro/visually/html/index.en.html" title="visit page Visually impaired people">Visually impaired people</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Research"></a><a href="/pub/html/index.en.html" title="visit page Research">Research</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Research</div> <p>In-depth studies and expert analyses covering diverse topics and fields</p> <a href="/pub/html/index.en.html">Overview of ECB research</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/press/conferences/html/index.en.html">Conferences & seminars</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a></li> </ul> </div> <a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Research Bulletin</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic research"></a><a href="/pub/economic-research/html/index.en.html" title="visit page Economic research">Economic research</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research agenda"></a><a href="/pub/economic-research/research_agenda/html/index.en.html" title="visit page Research agenda">Research agenda</a><ul><li><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.en.html" title="visit page Monetary policy, strategy and implementation">Monetary policy, strategy and implementation</a></li><li><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.en.html" title="visit page Fiscal policy and governance within EMU">Fiscal policy and governance within EMU</a></li><li><a href="/pub/economic-research/research_agenda/international/html/index.en.html" title="visit page International macro and finance">International macro and finance</a></li><li><a href="/pub/economic-research/research_agenda/real_sector/html/index.en.html" title="visit page Real sector and microeconomic analysis">Real sector and microeconomic analysis</a></li><li><a href="/pub/economic-research/research_agenda/forecasting/html/index.en.html" title="visit page Forecasting and business cycle analysis">Forecasting and business cycle analysis</a></li><li><a href="/pub/economic-research/research_agenda/macro-finance/html/index.en.html" title="visit page Macro-finance, systemic risk and macroprudential policy">Macro-finance, systemic risk and macroprudential policy</a></li><li><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.en.html" title="visit page Financial institutions, microprudential policy, financial markets and payments">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Opportunities for researchers"></a><a href="/pub/economic-research/programmes/html/index.en.html" title="visit page Opportunities for researchers">Opportunities for researchers</a><ul><li><a href="/pub/economic-research/programmes/duisenberg/html/index.en.html" title="visit page Wim Duisenberg Fellowship">Wim Duisenberg Fellowship</a></li><li><a href="/pub/economic-research/programmes/visitors/html/index.en.html" title="visit page Regular Research Visitors">Regular Research Visitors</a></li><li><a href="/pub/economic-research/programmes/lamfalussy/html/index.en.html" title="visit page Lamfalussy Fellowship">Lamfalussy Fellowship</a></li><li><a href="/pub/economic-research/programmes/graduate/html/index.en.html" title="visit page Summer Research Graduate Programme">Summer Research Graduate Programme</a></li><li><a href="/pub/economic-research/programmes/traineeship/html/index.en.html" title="visit page Student Research Traineeship Programme">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Legal Research"></a><a href="/pub/legal-research/html/index.en.html" title="visit page Legal Research">Legal Research</a><ul><li><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.en.html" title="visit page Legal conferences and seminars">Legal conferences and seminars</a></li><li><a href="/pub/legal-research/legal-research-programme/html/index.en.html" title="visit page Legal Research Programme">Legal Research Programme</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research papers"></a><a href="/pub/research/html/index.en.html" title="visit page Research papers">Research papers</a><ul><li><a href="/pub/research/authors/html/index.en.html" title="visit page Papers by authors">Papers by authors</a></li></ul></li><li><a href="/pub/researchers/html/index.en.html" title="visit page ECB researchers">ECB researchers</a></li><li><a href="/pub/research-networks/html/index.en.html" title="visit page Research networks">Research networks</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for News & publications"></a><a href="/press/html/index.en.html" title="visit page News & publications">News & publications</a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">News &amp; Publications</div> <a href="/press/pubbydate/html/index.en.html">Browse all news &amp; publications</a> <hr> </div> </div><ul><li><span>News</span></li><li><a href="/press/pr/html/index.en.html">Press releases</a></li><li><a href="/press/stats/html/index.en.html">Statistical releases</a></li><li><a href="/press/key/html/index.en.html">Speeches</a></li><li><a href="/press/inter/html/index.en.html">Interviews</a></li><li><a href="/press/blog/html/index.en.html">The ECB Blog</a></li><li><a href="/press/tvservices/html/index.en.html">Podcasts & webcasts</a></li><li><a href="/press/intro/html/index.en.html">Payments news</a></li><li><a href="/press/contacts/html/index.en.html">Media contacts</a></li></ul></div><ul><li><span>Publications</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Governing Council decisions"></a><a href="/press/govcdec/html/index.en.html" title="visit page Governing Council decisions">Governing Council decisions</a><ul><li><a href="/press/govcdec/mopo/html/index.en.html" title="visit page Monetary policy decisions">Monetary policy decisions</a></li><li><a href="/press/govcdec/otherdec/html/index.en.html" title="visit page Other decisions">Other decisions</a></li></ul></li><li><a href="/press/accounts/html/index.en.html" title="visit page Monetary policy accounts">Monetary policy accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic Bulletin"></a><a href="/press/economic-bulletin/html/index.en.html" title="visit page Economic Bulletin">Economic Bulletin</a><ul><li><a href="/press/economic-bulletin/articles/html/index.en.html" title="visit page Articles">Articles</a></li><li><a href="/press/economic-bulletin/focus/html/index.en.html" title="visit page Focus">Focus</a></li><li><a href="/press/economic-bulletin/mb/html/index.en.html" title="visit page Monthly Bulletin">Monthly Bulletin</a></li></ul></li><li><a href="/press/projections/html/index.en.html" title="visit page Macroeconomic projections">Macroeconomic projections</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Annual reports & financial statements"></a><a href="/press/annual-reports-financial-statements/html/index.en.html" title="visit page Annual reports & financial statements">Annual reports & financial statements</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Annual Report"></a><a href="/press/annual-reports-financial-statements/annual/html/index.en.html" title="visit page Annual Report">Annual Report</a><ul><li><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.en.html" title="visit page Annual Accounts">Annual Accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eurosystem balance sheet"></a><a href="/press/annual-reports-financial-statements/annual/balance/html/index.en.html" title="visit page Eurosystem balance sheet">Eurosystem balance sheet</a><ul><li><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.en.html" title="visit page Monetary policy operations">Monetary policy operations</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Weekly financial statements"></a><a href="/press/annual-reports-financial-statements/wfs/html/index.en.html" title="visit page Weekly financial statements">Weekly financial statements</a><ul><li><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.en.html" title="visit page Disaggregated data">Disaggregated data</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial stability publications"></a><a href="/press/financial-stability-publications/html/index.en.html" title="visit page Financial stability publications">Financial stability publications</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial Stability Review"></a><a href="/press/financial-stability-publications/fsr/html/index.en.html" title="visit page Financial Stability Review">Financial Stability Review</a><ul><li><a href="/press/financial-stability-publications/fsr/special/html/index.en.html" title="visit page Special features & boxes">Special features & boxes</a></li></ul></li><li><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.en.html" title="visit page Macroprudential Bulletin">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research publications"></a><a href="/press/research-publications/html/index.en.html" title="visit page Research publications">Research publications</a><ul><li><a href="/press/research-publications/resbull/html/index.en.html" title="visit page Research Bulletin">Research Bulletin</a></li><li><a href="/press/research-publications/working-papers/html/index.en.html" title="visit page Working papers">Working papers</a></li><li><a href="/press/research-publications/discussion-papers/html/index.en.html" title="visit page Discussion papers">Discussion papers</a></li><li><a href="/press/research-publications/occasional-papers/html/index.en.html" title="visit page Occasional papers">Occasional papers</a></li><li><a href="/press/research-publications/legal-working-papers/html/index.en.html" title="visit page Legal working papers">Legal working papers</a></li><li><a href="/press/research-publications/statistics-papers/html/index.en.html" title="visit page Statistics papers">Statistics papers</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Other publications"></a><a href="/press/other-publications/html/index.en.html" title="visit page Other publications">Other publications</a><ul><li><a href="/press/other-publications/mep-letters/html/index.en.html" title="visit page Letters to MEPs">Letters to MEPs</a></li><li><a href="/press/other-publications/convergence/html/index.en.html" title="visit page Convergence Report">Convergence Report</a></li><li><a href="/press/other-publications/ire/html/index.en.html" title="visit page International Role of the Euro">International Role of the Euro</a></li></ul></li><li><span>Events & calendars</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy press conference"></a><a href="/press/press_conference/html/index.en.html" title="visit page Monetary policy press conference">Monetary policy press conference</a><ul><li><a href="/press/press_conference/monetary-policy-statement/html/index.en.html" title="visit page Monetary policy statements">Monetary policy statements</a></li><li><a href="/press/press_conference/visual-mps/html/index.en.html" title="visit page Monetary policy statements at a glance">Monetary policy statements at a glance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Conferences & seminars"></a><a href="/press/conferences/html/index.en.html" title="visit page Conferences & seminars">Conferences & seminars</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Forum on Central Banking"></a><a href="/press/conferences/ecbforum/html/index.en.html" title="visit page Forum on Central Banking">Forum on Central Banking</a><ul><li><a href="/press/conferences/ecbforum/YE_competition/html/index.en.html" title="visit page Young Economist Prize">Young Economist Prize</a></li><li><a href="/press/conferences/ecbforum/previous_fora/html/index.en.html" title="visit page Past editions">Past editions</a></li></ul></li><li><a href="/press/conferences/civil_society_engagement/html/index.en.html" title="visit page Civil society engagement">Civil society engagement</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Calendars"></a><a href="/press/calendars/html/index.en.html" title="visit page Calendars">Calendars</a><ul><li><a href="/press/calendars/weekly/html/index.en.html" title="visit page Weekly schedule">Weekly schedule</a></li><li><a href="/press/calendars/mgcgc/html/index.en.html" title="visit page Meetings of the Governing Council and the General Council">Meetings of the Governing Council and the General Council</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Statistical calendars"></a><a href="/press/calendars/statscal/html/index.en.html" title="visit page Statistical calendars">Statistical calendars</a><ul><li><a href="/press/calendars/statscal/mfm/html/index.en.html" title="visit page Money, banking and financial markets">Money, banking and financial markets</a></li><li><a href="/press/calendars/statscal/eaa/html/index.en.html" title="visit page Euro area economic and financial developments by institutional sector">Euro area economic and financial developments by institutional sector</a></li><li><a href="/press/calendars/statscal/ext/html/index.en.html" title="visit page External transactions and positions">External transactions and positions</a></li><li><a href="/press/calendars/statscal/ges/html/index.en.html" title="visit page Prices, output, demand and labour">Prices, output, demand and labour</a></li><li><a href="/press/calendars/statscal/gf/html/index.en.html" title="visit page Government finance">Government finance</a></li><li><a href="/press/calendars/statscal/sps/html/index.en.html" title="visit page Supervisory and prudential statistics">Supervisory and prudential statistics</a></li></ul></li><li><a href="/press/calendars/caleu/html/index.en.html" title="visit page Eurosystem's tender operations">Eurosystem's tender operations</a></li><li><a href="/press/calendars/reserve/html/index.en.html" title="visit page Reserve maintenance period">Reserve maintenance period</a></li></ul></li></ul></div></li><li class="-ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.en.html" title="visit page Banking Supervision">Banking Supervision<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for About us"></a><a href="/ecb/html/index.en.html" title="visit page About us">About us</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">About us</div> <a href="/ecb">Overview of About us</a><hr> </div> </div></div><ul><li><a href="/ecb/all-about-us/html/index.en.html" title="visit page All about us">All about us</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our leadership"></a><a href="/ecb/decisions/html/index.en.html" title="visit page Our leadership">Our leadership</a><ul><li><a href="/ecb/decisions/eb/html/index.en.html" title="visit page Executive Board">Executive Board</a></li><li><a href="/ecb/decisions/govc/html/index.en.html" title="visit page Governing Council">Governing Council</a></li><li><a href="/ecb/decisions/genc/html/index.en.html" title="visit page General Council">General Council</a></li><li><a href="/ecb/decisions/ssm/html/index.en.html" title="visit page Supervisory Board">Supervisory Board</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our organisation"></a><a href="/ecb/orga/html/index.en.html" title="visit page Our organisation">Our organisation</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for ECB, ESCB and the Eurosystem"></a><a href="/ecb/orga/escb/html/index.en.html" title="visit page ECB, ESCB and the Eurosystem">ECB, ESCB and the Eurosystem</a><ul><li><a href="/ecb/orga/escb/ecb-mission/html/index.en.html" title="visit page ECB mission">ECB mission</a></li><li><a href="/ecb/orga/escb/eurosystem-mission/html/index.en.html" title="visit page Eurosystem mission">Eurosystem mission</a></li><li><a href="/ecb/orga/escb/strategic-intents/html/index.en.html" title="visit page Strategic intents">Strategic intents</a></li><li><a href="/ecb/orga/escb/organisational-principles/html/index.en.html" title="visit page Organisational principles">Organisational principles</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our tasks and responsibilities"></a><a href="/ecb/orga/tasks/html/index.en.html" title="visit page Our tasks and responsibilities">Our tasks and responsibilities</a><ul><li><a href="/ecb/orga/tasks/monpol/html/index.en.html" title="visit page Monetary policy">Monetary policy</a></li><li><a href="/ecb/orga/tasks/statistics/html/index.en.html" title="visit page Statistics">Statistics</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial stability and macroprudential policy"></a><a href="/ecb/orga/tasks/stability/html/index.en.html" title="visit page Financial stability and macroprudential policy">Financial stability and macroprudential policy</a><ul><li><a href="/ecb/orga/tasks/stability/tasks/html/index.en.html" title="visit page Our tasks">Our tasks</a></li><li><a href="/ecb/orga/tasks/stability/strategy/html/index.en.html" title="visit page Strategy">Strategy</a></li><li><a href="/ecb/orga/tasks/stability/framework/html/index.en.html" title="visit page Institutional framework">Institutional framework</a></li></ul></li><li><a href="/ecb/orga/tasks/euro/html/index.en.html" title="visit page Banknotes">Banknotes</a></li><li><a href="/ecb/orga/tasks/paym/html/index.en.html" title="visit page Payments & securities">Payments & securities</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for European relations"></a><a href="/ecb/orga/tasks/europe/html/index.en.html" title="visit page European relations">European relations</a><ul><li><a href="/ecb/orga/tasks/europe/cooperation/html/index.en.html" title="visit page European cooperation">European cooperation</a></li><li><a href="/ecb/orga/tasks/europe/emu/html/index.en.html" title="visit page EMU economic governance">EMU economic governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for International affairs"></a><a href="/ecb/orga/tasks/international/html/index.en.html" title="visit page International affairs">International affairs</a><ul><li><a href="/ecb/orga/tasks/international/institutions/html/index.en.html" title="visit page International relations and analysis">International relations and analysis</a></li><li><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.en.html" title="visit page International central bank cooperation">International central bank cooperation</a></li></ul></li><li><a href="/ecb/orga/tasks/reserves/html/index.en.html" title="visit page Foreign reserves and own funds">Foreign reserves and own funds</a></li><li><a href="/ecb/orga/tasks/forex/html/index.en.html" title="visit page Foreign exchange operations">Foreign exchange operations</a></li></ul></li><li><a href="/ecb/orga/orgachart/html/index.en.html" title="visit page Organisation chart of the ECB">Organisation chart of the ECB</a></li><li><a href="/ecb/orga/capital/html/index.en.html" title="visit page Capital subscription">Capital subscription</a></li><li><a href="/ecb/orga/governance/html/index.en.html" title="visit page Corporate governance">Corporate governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our values"></a><a href="/ecb/our-values/html/index.en.html" title="visit page Our values">Our values</a><ul><li><a href="/ecb/our-values/independence/html/index.en.html" title="visit page Independence">Independence</a></li><li><a href="/ecb/our-values/transparency/html/index.en.html" title="visit page Transparency">Transparency</a></li><li><a href="/ecb/our-values/accountability/html/index.en.html" title="visit page Accountability">Accountability</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ethics – working with integrity"></a><a href="/ecb/our-values/ethics/html/index.en.html" title="visit page Ethics – working with integrity">Ethics – working with integrity</a><ul><li><a href="/ecb/our-values/ethics/enmo/html/index.en.html" title="visit page Ethics Network of Multilateral Organizations (ENMO)">Ethics Network of Multilateral Organizations (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our history, arts and culture"></a><a href="/ecb/history-arts-culture/html/index.en.html" title="visit page Our history, arts and culture">Our history, arts and culture</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our history"></a><a href="/ecb/history-arts-culture/history/html/index.en.html" title="visit page Our history">Our history</a><ul><li><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.en.html" title="visit page 25 years of the ECB">25 years of the ECB</a></li><li><a href="/ecb/history-arts-culture/history/emu/html/index.en.html" title="visit page Economic and Monetary Union">Economic and Monetary Union</a></li><li><a href="/ecb/history-arts-culture/history/enlargement/html/index.en.html" title="visit page EU enlargement">EU enlargement</a></li><li><a href="/ecb/history-arts-culture/history/ec/html/index.en.html" title="visit page European Union">European Union</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Archives"></a><a href="/ecb/history-arts-culture/archives/html/index.en.html" title="visit page Archives">Archives</a><ul><li><a href="/ecb/history-arts-culture/archives/cog/html/index.en.html" title="visit page Committee of Governors">Committee of Governors</a></li><li><a href="/ecb/history-arts-culture/archives/emcf/html/index.en.html" title="visit page European Monetary Cooperation Fund">European Monetary Cooperation Fund</a></li><li><a href="/ecb/history-arts-culture/archives/delors/html/index.en.html" title="visit page Delors Committee">Delors Committee</a></li><li><a href="/ecb/history-arts-culture/archives/emi/html/index.en.html" title="visit page European Monetary Institute">European Monetary Institute</a></li><li><a href="/ecb/history-arts-culture/archives/european/html/index.en.html" title="visit page European Central Bank">European Central Bank</a></li></ul></li><li><a href="/ecb/history-arts-culture/artsculture/html/index.en.html" title="visit page Arts and culture">Arts and culture</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our legal framework"></a><a href="/ecb/legal/html/index.en.html" title="visit page Our legal framework">Our legal framework</a><ul><li><a href="/ecb/legal/faqs/html/index.en.html" title="visit page EUR-Lex - Frequently asked questions">EUR-Lex - Frequently asked questions</a></li><li><a href="/ecb/legal/fsla/html/index.en.html" title="visit page Institutional framework">Institutional framework</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Climate change and the ECB"></a><a href="/ecb/climate/html/index.en.html" title="visit page Climate change and the ECB">Climate change and the ECB</a><ul><li><a href="/ecb/climate/our-climate-and-nature-plan/html/index.en.html" title="visit page Our climate and nature plan">Our climate and nature plan</a></li><li><a href="/ecb/climate/climate-related-financial-disclosures/html/index.en.html" title="visit page Climate-related financial disclosures">Climate-related financial disclosures</a></li><li><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html" title="visit page Managing climate-related risks">Managing climate-related risks</a></li><li><a href="/ecb/climate/green_transition/html/index.en.html" title="visit page Supporting the green transition">Supporting the green transition</a></li><li><a href="/ecb/climate/wider_action/html/index.en.html" title="visit page Fostering wider action">Fostering wider action</a></li><li><a href="/ecb/climate/our_approach/html/index.en.html" title="visit page Our approach">Our approach</a></li><li><a href="/ecb/climate/green/html/index.en.html" title="visit page Environmental protection">Environmental protection</a></li><li><a href="/ecb/climate/climate/html/index.en.html" title="visit page Climate Insurance Protection Gap">Climate Insurance Protection Gap</a></li></ul></li><li><a href="/ecb/sanctions/html/index.en.html" title="visit page Sanctions imposed by the ECB">Sanctions imposed by the ECB</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Procurement"></a><a href="/ecb/jobsproc/html/index.en.html" title="visit page Procurement">Procurement</a><ul><li><a href="/ecb/jobsproc/tenders/html/index.en.html" title="visit page Tenders">Tenders</a></li><li><a href="/ecb/jobsproc/archive/html/index.en.html" title="visit page Archive">Archive</a></li><li><a href="/ecb/jobsproc/sourcing/html/index.en.html" title="visit page Electronic tendering system">Electronic tendering system</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Access to documents"></a><a href="/ecb/access_to_documents/html/index.en.html" title="visit page Access to documents">Access to documents</a><ul><li><a href="/ecb/access_to_documents/document/html/index.en.html" title="visit page Public Register of Documents">Public Register of Documents</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Contacts"></a><a href="/ecb/contacts/html/index.en.html" title="visit page Contacts">Contacts</a><ul><li><a href="/ecb/contacts/address/html/index.en.html" title="visit page Address">Address</a></li><li><a href="/ecb/contacts/working-hours/html/index.en.html" title="visit page ECB public holidays">ECB public holidays</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for ECB & You"></a><a href="/ecb-and-you/html/index.en.html" title="visit page ECB & You">ECB & You</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">ECB & You</div> <a href="/ecb-and-you">Overview of ECB & You</a><hr> </div> </div></div><ul><li><a href="/ecb-and-you/educational/html/index.en.html" title="visit page All about ECB & You">All about ECB & You</a></li><li><a href="/ecb-and-you/explainers/html/index.en.html" title="visit page Explainers">Explainers</a></li><li><a href="/ecb-and-you/test-your-knowledge/html/index.en.html" title="visit page Test your knowledge">Test your knowledge</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Youth initiatives"></a><a href="/ecb-and-you/youth-initiatives/html/index.en.html" title="visit page Youth initiatives">Youth initiatives</a><ul><li><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.en.html" title="visit page Girls' IT Bootcamp">Girls' IT Bootcamp</a></li></ul></li><li><a href="/ecb-and-you/everyone-needs-stability/html/index.en.html" title="visit page Everyone needs stability">Everyone needs stability</a></li><li><a href="/ecb-and-you/ecb_and_you/html/index.en.html" title="visit page ECB & You broadcasts">ECB & You broadcasts</a></li><li><a href="/ecb-and-you/ask_us/html/index.en.html" title="visit page Ask us">Ask us</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Visit us"></a><a href="/ecb-and-you/visits/html/index.en.html" title="visit page Visit us">Visit us</a><ul><li><a href="/ecb-and-you/visits/premises/html/index.en.html" title="visit page Main building">Main building</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Careers"></a><a href="/careers/html/index.en.html" title="visit page Careers">Careers</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Careers</div> <a href="/careers">Overview of Careers</a><hr> </div> </div></div><ul><li><a href="/careers/all-about-careers/html/index.en.html" title="visit page All about careers">All about careers</a></li><li><a href="/careers/vacancies/html/index.en.html" title="visit page Vacancies">Vacancies</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Who we are"></a><a href="/careers/working-at-the-ecb/html/index.en.html" title="visit page Who we are">Who we are</a><ul><li><a href="/careers/working-at-the-ecb/about/html/index.en.html" title="visit page About the ECB">About the ECB</a></li><li><a href="/careers/working-at-the-ecb/employee-portraits/html/index.en.html" title="visit page Meet our people">Meet our people</a></li><li><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.en.html" title="visit page Life in Frankfurt">Life in Frankfurt</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Why we value diversity"></a><a href="/careers/why-we-value-diversity/html/index.en.html" title="visit page Why we value diversity">Why we value diversity</a><ul><li><a href="/careers/why-we-value-diversity/women/html/index.en.html" title="visit page Women@ECB">Women@ECB</a></li><li><a href="/careers/why-we-value-diversity/diversity-networks/html/index.en.html" title="visit page Diversity networks">Diversity networks</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for What we offer"></a><a href="/careers/what-we-offer/html/index.en.html" title="visit page What we offer">What we offer</a><ul><li><a href="/careers/what-we-offer/benefits/html/index.en.html" title="visit page Benefits & rewards">Benefits & rewards</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Contract types"></a><a href="/careers/what-we-offer/contract/html/index.en.html" title="visit page Contract types">Contract types</a><ul><li><a href="/careers/what-we-offer/contract/fixed/html/index.en.html" title="visit page Fixed-term">Fixed-term</a></li><li><a href="/careers/what-we-offer/contract/short/html/index.en.html" title="visit page Short-term">Short-term</a></li><li><a href="/careers/what-we-offer/contract/escb/html/index.en.html" title="visit page ESCB/IO">ESCB/IO</a></li><li><a href="/careers/what-we-offer/contract/other/html/index.en.html" title="visit page Other">Other</a></li></ul></li><li><a href="/careers/what-we-offer/traineeship/html/index.en.html" title="visit page Traineeship">Traineeship</a></li><li><a href="/careers/what-we-offer/graduate/html/index.en.html" title="visit page Graduate programme">Graduate programme</a></li><li><a href="/careers/what-we-offer/wecs/html/index.en.html" title="visit page ECB Scholarship for Women">ECB Scholarship for Women</a></li><li><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.en.html" title="visit page ECB Scholarship for Ukrainian graduates">ECB Scholarship for Ukrainian graduates</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for How you can join us"></a><a href="/careers/before-you-apply/html/index.en.html" title="visit page How you can join us">How you can join us</a><ul><li><a href="/careers/before-you-apply/how-to-apply/html/index.en.html" title="visit page How to apply">How to apply</a></li><li><a href="/careers/before-you-apply/how-we-hire/html/index.en.html" title="visit page How we hire">How we hire</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for You have been selected, what next?"></a><a href="/careers/before-you-apply/newcomers/html/index.en.html" title="visit page You have been selected, what next?">You have been selected, what next?</a><ul><li><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.en.html" title="visit page Fixed-term employee">Fixed-term employee</a></li><li><a href="/careers/before-you-apply/newcomers/short-term/html/index.en.html" title="visit page Short-term employee">Short-term employee</a></li><li><a href="/careers/before-you-apply/newcomers/trainee/html/index.en.html" title="visit page Trainee">Trainee</a></li><li><a href="/careers/before-you-apply/newcomers/cost-free/html/index.en.html" title="visit page Cost-free secondee">Cost-free secondee</a></li></ul></li></ul></li><li><a href="/careers/faq/html/index.en.html" title="visit page FAQs">FAQs</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">ANYTIME <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">PAST MONTH <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">PAST YEAR <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Search Options</div> <div id="text-image-preview" class="title-option hidden">Image Preview</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Sort by</label> <div id="dropdownFilter" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">ANYTIME </option> <option value="month" class="count-hits-month">PAST MONTH </option> <option value="year" class="count-hits-year">PAST YEAR </option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Suggestions</label> <div id="dropdownSuggestions" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="result-main-panel"> <!--<h1 class="ecb0 title-stick">Search Results</h1>--> <div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"> <span id="adcat_home">Home</span> <span id="adcat_press">Media</span> <span id="adcat_explainers">Explainers</span> <span id="adcat_pub">Research &amp; Publications</span> <span id="adcat_stats">Statistics</span> <span id="adcat_mopo">Monetary Policy</span> <span id="adcat_euro">The &euro;uro</span> <span id="adcat_paym">Payments &amp; Markets</span> <span id="adcat_career">Careers</span> </div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"> <span>Suggestions</span> <div id="suggestions-container"> </div> </div> <div id="result-sortBy"> <span>Sort by</span> <div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Relevance </label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Date </label> </div> </div> </div> </div> <div id="addsearch-image-container" aria-hidden="true"><img src="" id="addsearch-image" alt="" /></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/euro/shared/img/header.webp" data-image="/euro/shared/img/header.jpg"> <div data-image="/euro/shared/img/header.jpg" data-image-webp="/euro/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <!-- converted at 2020-06-02_15:15:29 --> <div class="title"> <h1>Denominations</h1> </div> <div class="bn-denominations-container"> <div class="bn-tabs"> <div class="bn-centered-tabs"> <a id="series2" class="is-active">Europa series</a> <a id="series1">First series</a> </div> <div class="bn-tabs-content"> <div class="is-active"> <div class="banknotes-slider"> <div class="items europa-series"> <div class="item"> <a id="es2-005" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/5euro_fr_ES2_thumb.png"></span></a> </div> <div class="item"> <a id="es2-010" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/10euro_fr_ES2_thumb.png"></span></a> </div> <div class="item"> <a id="es2-020" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/20euro_fr_ES2_thumb.png"></span></a> </div> <div class="item"> <a id="es2-050" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/50euro_fr_ES2_thumb.png"></span></a> </div> <div class="item"> <a id="es2-100" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/100euro_fr_ES2_thumb.png"></span></a> </div> <div class="item"> <a id="es2-200" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/200euro_fr_ES2_thumb.png"></span></a> </div> </div> </div> <div class="banknote-view"> <div class="arrow-down-element"></div> <div class="display-view"> <div id="bn-display-es2"> <div class="spinny-image spinny-nojs"></div> </div> </div> <img class="spinny-loader" src="/shared/dist/plugins/banknotes/img/3d-assets/LoadingSeq_bg.gif"> <div class="bn-flip-icon"> <img src="/shared/dist/plugins/banknotes/img/3d-assets/360-icon.png"> </div> </div> <div class="bn-tabs"> <div class="bn-centered-tabs bn-nested-tabs"> <a class="is-active"><span>Design elements</span></a> <a><span>Security features</span></a> </div> <div class="bn-tabs-content bn-nested-tabs-content" id="nestedTab_1"> <div class="bn-tab-content is-active"> <div class="bn-accordion"> <span class="bn-accordion-icon"><i class="fa fa-minus"></i></span>Design elements </div> <div id="es2_designContainer"></div> </div> <div class="bn-tab-content"> <div class="bn-accordion"> <span class="bn-accordion-icon"><i class="fa fa-plus"></i></span>Security features </div> <div id="es2_securityContainer"></div> </div> <div id="es2_videoContainer"></div> </div> </div> </div> <div> <div class="banknotes-slider"> <div class="items first-series"> <div class="item"> <a id="es1-005" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/5euro_fr_ES1_thumb.png"></span></a> </div> <div class="item"> <a id="es1-010" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/10euro_fr_ES1_thumb.png"></span></a> </div> <div class="item"> <a id="es1-020" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/20euro_fr_ES1_thumb.png"></span></a> </div> <div class="item"> <a id="es1-050" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/50euro_fr_ES1_thumb.png"></span></a> </div> <div class="item"> <a id="es1-100" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/100euro_fr_ES1_thumb.png"></span></a> </div> <div class="item"> <a id="es1-200" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/200euro_fr_ES1_thumb.png"></span></a> </div> <div class="item"> <a id="es1-500" class="no-icon"><span><img src="/shared/dist/plugins/banknotes/img/carousel-thumbs/500euro_fr_ES1_thumb.png"></span></a> </div> </div> </div> <div class="banknote-view"> <div class="arrow-down-element"></div> <div class="display-view"> <div id="bn-display-es1"> <div class="spinny-image spinny-nojs"></div> </div> </div> <img class="spinny-loader" src="/shared/dist/plugins/banknotes/img/3d-assets/LoadingSeq_bg.gif"> <div class="bn-flip-icon"> <img src="/shared/dist/plugins/banknotes/img/3d-assets/360-icon.png"> </div> </div> <div class="bn-tabs"> <div class="bn-centered-tabs bn-nested-tabs"> <a class="is-active"><span>Design elements</span></a> <a><span>Security features</span></a> </div> <div class="bn-tabs-content bn-nested-tabs-content" id="nestedTab_2"> <div class="bn-tab-content is-active"> <div class="bn-accordion"> <span class="bn-accordion-icon"><i class="fa fa-minus"></i></span>Design elements </div> <div id="es1_designContainer"></div> </div> <div class="bn-tab-content"> <div class="bn-accordion"> <span class="bn-accordion-icon"><i class="fa fa-plus"></i></span>Security features </div> <div id="es1_securityContainer"></div> </div> </div> </div> </div> </div> </div> </div> <script id="vertexShader" type="x-shader/x-vertex"> varying vec3 n; varying vec3 v; varying vec2 texCoord; varying vec2 vUv; uniform float uDisp; void main() { vUv = uv; // Get the angles from the hypotenuse float h = position.x * position.x + position.y; float ds = sin(uDisp * h); float dc = cos(uDisp * h); // Apply the displacement vec3 newPos = position * mat3( dc, 0, ds, 0, 1, 0, -ds, 0, dc); gl_Position = projectionMatrix * modelViewMatrix * vec4(newPos, 1.0); n = normalMatrix * normal; vec3 p = (modelMatrix * vec4(position, 1)).xyz; v = normalize(p - cameraPosition); texCoord = uv; } </script> <div class="in-this-section" id="pages-in-section-holder"> <h3>All pages in this section</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" id="feedback-content">Information not useful</a> <a class="button -inverted-color" id="feedback-design">Design not attractive</a> <a class="button -inverted-color" id="feedback-other">Something else</a> </div> <div class="final hidden"> <div class="title">Thank you for letting us know!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"> <a href="/home/sitedir/html/index.en.html" title="Site Directory">Site directory</a> </div> <div class="socialLinks"> <a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Official social media channels">FOLLOW US</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS news feeds"></a> </div> </div><div class="ecb-footerBottom"> <p><span>Copyright 2024, </span>European Central Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Useful links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Work with us</a></li> <li><a href="/services/glossary/html/index.en.html">Glossary</a></li> <li><a href="/services/links/html/index.en.html">Other institutions</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Using our site</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Disclaimer &amp; Copyright</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li> <li><a href="/services/using-our-site/technical-updates/html/index.en.html">Technical updates to this site</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Corporate Policies</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Data Protection</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a></li> <li><a href="/services/responsible-disclosure/html/index.en.html">Responsible disclosure</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Contact</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li> <li><a href="/services/contacts/address/html/index.en.html">Address</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li> </ul> </div> </div> </div> </div> <!-- <button id='back-to-top' class='fa fa-angle-up'>Back to top</button> --> </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2646225" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Our website uses cookies</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons initial cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="updated hidden"> <h2>We have updated our privacy policy</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">See what has changed in our privacy policy</a></p> <div class="consentButtons updated cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="expired hidden"> <h2>Your cookie preference has expired</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons expired cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">This feature requires cookies.</div> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="button">Privacy statement</a> </div> </div> <script src="/shared/js/analytics/pa_events.js?v=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>

Pages: 1 2 3 4 5 6 7 8 9 10