The Euro
Non cash means of payment are becoming more and more widely accepted. However, cash is a basic requirement for the functioning of an economy. The quick and smooth introduction of the euro cash at the beginning of 2002 was not only a major logistical challenge, but also of great relevance for the Austrian economy. Based on systematic preparations the OeNB could implement this project successfully.
On the front, the banknotes show windows and gateways. They symbolise the European spirit of openness and cooperation. The twelve stars of the European Union represent the dynamism and harmony of contemporary Europe.The bridges on the back symbolise communication …
The euro coins have a common side for all member states of the euro area and a national side. The national side indicates the issuing country. All eight denominations from all countries are accepted in the euro area countries.
On the importance of cash and its unique features
Since the introduction of the euro cash in 2002, the value and number of euro banknotes in circulation have been increasing continuously. Cash is by far the most widely used means of payment for retail transactions in the euro area in terms of number of transactions, …
The OeNB is bound to the provisions of ECB decision of March 20, 2003, in redeeming mutilated banknotes.