This archive report was first published on 28 November 2019.
On November 1, 2019, Christine Lagarde began her eight-year term as the president of the European Central Bank (ECB). In a significant move, she signed euro banknotes on Wednesday, emphasizing the importance of nurturing and sustaining European citizens' trust in the single currency.
With 23 billion banknotes in circulation, valued at 1.26 trillion euros, the euro has become the world's second-largest reserve currency. A significant portion of these banknotes, approximately a third, are used outside the euro area, playing a crucial role in bringing Europe closer together and fostering a common identity and sense of shared destiny.
"It serves as the most tangible symbol of European integration, a process which has brought peace, freedom and prosperity to our continent," Lagarde said at the signing ceremony, which is a customary ritual for the beginning of each ECB presidency.
As the ECB's fourth president, Lagarde acknowledged the immense responsibility of ensuring that people maintain their trust in euro banknotes. Legally, both the ECB and the national central banks of the euro area have the right to issue euro banknotes, although in practice, only the national central banks physically issue and withdraw them.
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