ECB's Heinonen scoops lifetime achievement award

Antti Heinonen, the head of banknotes the European Central Bank (ECB) since 1998, scooped the award at a ceremony in Prague "for his long and outstanding contribution to currency innovation."

"Naturally, I am pleased to get such recognition. At the same time, I understand that it is a recognition of the work done in developing euro banknotes and euro cash management policies," Heinonen told Central Bank News. "And so, it is a recognition to all eurosystem staff involved with this work, for which I have been awarded as the captain of the team."

This year the value of euro banknotes in circulation overtook that of dollars, a fillip for the central banks of the eurozone.

Heinonen was chairman of the Eurosystem Cash Changeover Co-ordination Committee, which had overall responsibility of the euro cash changeover in 2002 - regarded as the largest peacetime logistical exercise in post-war Europe.

Heinonen is due to step down on 1 November, when he will become a principal adviser for a time to ensure a smooth handover to his successor Ton Roos, the head of the cash policy department of The Netherlands Bank. Heinonen will continue to chair the Executive Committee of the Central Bank Counterfeit Deterrence Group operating under the aegis of the G10 Governors.

Before joining the ECB, Heinonen was the chief cashier for the Bank of Finland.

He has written numerous articles on banknotes and holds degrees in economics and mathematics from the University of Helsinki.