started circulating in may last year. as i ’ m sure you ’ ll agree, the note you ’ re going to see is instantly recognisable as a ten. it certainly resembles the ten euro notes you have in your pockets, with its distinctive romanesque architecture. however, perhaps it will have more of a visual impact, as the images are larger and more defined, the colours are stronger and the bridge has added depth. when you take a closer look you ’ ll see the new ten has the same new features as the new five : a portrait of europa – a figure from greek mythology – in both the hologram and the watermark, as well as the emerald number, which changes colour from green to deep blue when you tilt the note. introducing a new banknote, especially one used as much as the ten, is a major undertaking. it requires a lot of planning and preparation to gradually replace the two billion or so ten euro notes currently in circulation. i would like to thank all who were involved in this process within the eurosystem. i would also like to thank the banks, retailers and other cash - handling professionals, who will, in the end, put those new notes in your hands. i know that banknote equipment manufacturers and suppliers are already working hard to ensure that the bis central bankers ’ speeches machines are adapted in good time so that the introduction goes smoothly, and i want to thank them as well for the vital part they play. we are announcing the date of issuance and are sharing the required technical information well in advance to give all parties enough time to get ready. the new europa series ten euro banknote will start circulating on tuesday 23 september this year. and now it ’ s time to see the new ten euro banknote. bis central bankers ’ speeches

##lstered globally by substantial support from both fiscal and monetary policy. the imf estimates that, relative to its projections in january 2020, fiscal deficits this year will be more than five times higher in advanced economies and more than twice as high in emerging market economies. in the euro area, countries have taken unprecedented steps to stabilise and support their economies, with national fiscal measures taken thus far amounting to around 4. 5 % of euro area gdp. those national efforts have been reinforced by policy moves at the european level. 2 / 4 bis central bankers'speeches the €750 billion next generation eu recovery fund has the potential to make a significant difference to europe ’ s economic trajectory over the next few years. the size of the financial support envisaged is macro - economically meaningful, totalling almost 5 % of gdp for the euro area. but it is important to ensure that agreement is reached on the outstanding details of the package so that the funds can start flowing on schedule in january 2021, and it is crucial that those funds are used productively to modernise our economy, helping reduce uncertainty about structural change. monetary policy has also reacted strongly to the pandemic. at the ecb, our first step was mainly focused on stabilising financial markets and addressing fragmentation. the measures we have introduced – notably our pandemic emergency purchase programme ( pepp ) – have largely succeeded in offsetting the harmful tightening in financial conditions we saw earlier in the year. this is visible, for example, in the dispersion of long - term government bond yields, which is now close to its lowest level since the outbreak of the global financial crisis. low benchmark yields have in turn helped support credit growth for firms and households : the annual growth rate of loans to firms reached 7 % in july, up from 3 % in february. but we are now moving more into the second step, which is about returning the inflation path to its pre - pandemic trajectory and ensuring that it continues to re - converge with our aim in a sustained manner. to achieve this, the pepp is fundamental, since – alongside its market stabilisation function – it is also a powerful tool for easing the overall monetary policy stance in the euro area. this was an important rationale for the expansion and extension of the pepp in june. going forward, it is clear that an appropriate macroeconomic policy mix is crucial for the recovery : faced with significant downside risks and unprecedented uncertainty, monetary,