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With the amount of security mechanisms in a banknote that have to be tailed to each design, I would assume that making that many variants would be financially irresponsible.

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No, just leave a blank space in the middle that has nothing to do with the denomination and is there just to be interesting.

Print something new in it for each member; issue half of them in odd years and half in even. Hold contests.

But then perhaps your photocopiers would need constant updates - to do the usual banknote detection and refusal to copy ?

As someone with the detection mechanism tatooed on their arm, I can tell you this is not based on the visual design of the entire note, but on a small constellation of five rings, the so called EURion constellation [0]. It's also used by other bank notes around the world, inlcuding the Yen and US Dollar.

https://en.wikipedia.org/wiki/EURion_constellation

Would actually cost more than something like having 27 translators in each major meeting?

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