The ECB is to launch a new series of euro banknotes, starting with a new €5 note in May next year.
ECB president Mario Draghi said the current notes, launched on January 1 2002, would be gradually withdrawn from circulation.
The new notes will include a portrait of Europa, a figure from Greek mythology and the origin of the name of the continent, in the watermark and hologram.
The roll-out of the new notes will take several years to complete.