On 4 May 2016, the Governing Council decided that the €500 banknote will be excluded from the Europa series and the issuance of this denomination will be stopped around the end of 2018. The Deutsche Bundesbank and Oesterreichische Nationalbank will issue €500 banknotes until and including 26 April 2019. All other Euro area NCBs will provide their customers until and including 26 January 2019 with €500 banknotes.

After the issuance stop, the €500 banknote will remain legal tender and can therefore continue to be used as a means of payment and store of value. Commercial parties (such as banks, cash-in-transit companies, bureaux de change etc.) are allowed to recirculate €500 banknotes. The €500 banknote, like all other denominations of euro banknotes, will always retain its value and can be exchanged at the national central banks of the Eurosystem for an unlimited period of time.