To name just the most important aspect: Central banks should concentrate on price stability. The principle of “price stability first” enhances monetary policy credibility, and credibility is a prerequisite for successfully anchoring inflation expectations at levels consistent with price stability.
But since the last banknote upgrade in 1999, there have been significant advances in copying, scanning, and printing technologies and the cost of this technology has reduced. As a result, the economics of counterfeiting have changed substantially and the risk of counterfeiting has increased.