yves mersch : opening of the “ new face of the euro ” exhibition opening remarks by mr yves mersch, member of the executive board of the european central bank, at the opening of the “ new face of the euro ” exhibition, bank of spain, madrid, 25 march 2013. * * * ladies and gentlemen, on behalf of the european central bank, i would like to warmly welcome you to today ’ s event and thank you for having accepted our invitation. in particular, i would like to thank mr restoy for his kind words. i am very pleased that you have offered to host the “ new face of the euro ” exhibition in the sala chaflan of the banco de espana. the exhibition focuses on the new series of euro banknotes. they will start to appear in may this year. then the new €5 banknote enters into circulation. the hologram and watermark of this note show a portrait of a woman from the classical world. but it ’ s not cybele, who you can see just outside this building. i realise the madrilenos among you could be disappointed. it ’ s europa, a figure from greek mythology. and that ’ s why the new series is called the europa series. but the exhibition covers more than that. it ’ s a chance to learn about the money we have all been using for more than a decade now. a whole generation is growing up that has known no other currency. so younger visitors to the exhibition might be curious to see the peseta and the other currencies on display here that perhaps their parents have told them about. and they will surely enjoy the kids ’ corner, which offers a more playful way to learn about the euro. the banknote denominations – from €5 to €500 – show examples of buildings and bridges in different architectural styles down the ages. they aim to highlight the common cultural heritage of europe. and the new notes with the new element seek to strengthen that sense of belonging and commitment to europe. one of the main tasks of the central banks in the euro area is to ensure the integrity of euro banknotes. this means we have to steadily develop the notes to stay ahead of counterfeiters. so the europa series has some new and enhanced security features. they will be even more difficult to counterfeit. over a period of several years, the europa series will gradually replace the first series of euro banknotes. these new notes will be just as easy to recognise and

individual and corporate – who have accounts in more than one country or do business with companies in other countries. there are therefore many benefits of a harmonised retail payments market with common instruments, i. e. sepa. as 50 % of the cross - border trade of euro area countries is with other euro area countries, small and medium - sized enterprises will benefit immensely from the harmonisation across national borders within the euro area. also, large companies that operate in almost every european country, such as mobile phone operators, energy suppliers and petrol station chains, will gain from sepa. for those companies, managing up to 27 bank accounts, 27 standards for electronic communication with the bank or 27 different sets of requirements for card payment terminals is a truly costly business. the eurosystem therefore continues to strongly support the creation of sepa, in which “ individuals and companies are able to make cashless payments throughout the euro area sepa comprises the countries of the eu plus norway, iceland, liechtenstein, switzerland and monaco, as well as oversees territories of eu countries. from a single payment account anywhere in the euro area, using a single set of payment instruments as easily, efficiently and safely as they can make them today at the national level ”. sepa is needed in order to move towards a more integrated, competitive and innovative payments market in europe, which will bring substantial economic benefits. celebrating the sdd launch today is indeed very reassuring for the whole sepa process, and for all the efforts that are going into this project, not least for us at the ecb, who wholeheartedly support the sepa project. i am often asked the question : “ has the financial crisis made banks less likely to support the sepa projects? ” my response is usually that, as a result of the crisis, banks are once again focusing on their core business, which is attracting savings, providing loans and offering payment services. in terms of offering payment services, sepa provides a competitive, efficient and innovative retail payments market in europe. less money is available for it projects, but the business case for sepa has not changed. i have noted that more than 2, 500 banks have already signed up for the sdd service, which is a outstanding achievement, and one that few people had dared to hope for just eight months ago. back then, the epc was deliberating whether to launch the sdd on time, because many obstacles were still seen to be in the way. it also means that i