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The European Central Bank (ECB) has outlined its strategy to engage European suppliers in the development of a digital euro platform and infrastructure during discussions with Members of the European Parliament (MEPs).
In January, the ECB initiated the search for potential providers to contribute components and related services for a digital euro, with contracts valued at over EUR1 billion.
Addressing a European parliament committee, ECB board member Piero Cipollone clarified that the bank is not commencing development at this stage but is instead establishing “framework agreements” to prepare for potential future implementation. These agreements would facilitate the development of relevant components if the decision to launch the digital euro is made.
Cipollone emphasized the importance of readiness, stating, “Our readiness would be compromised if we started searching for possible suppliers only after that decision is made.” He assured that the agreements would remain flexible to adapt to legislative deliberations or technological advancements, and no contracts would be signed if the decision not to proceed with the digital euro is reached.
However, Cipollone stressed the necessity of closer engagement with platform suppliers to lay the groundwork for the project, especially for components like the offline digital euro functionality, which are not currently available on the market.
To reinforce autonomy, resilience, and security, the ECB has stipulated that only legal entities with registered offices in the EU and controlled by EU nationals are eligible to participate in the procurement process.
Cipollone underscored the importance of European infrastructure for a digital euro, stating, “To strengthen our autonomy, resilience, and security, a digital euro would rely on a European infrastructure.”
The ECB intends to publish the outcomes of the public tender process on its website, ensuring transparency and accountability in the procurement process.
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