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EU Initiatives and Challenges. Commission's Perspective

EU Initiatives and Challenges. Commission's Perspective. Piotr Madziar – EU Internal Market. XBRL Week May, 2012, Madrid. 22/05/12. Context. EU Timeline XBRL Governance Structure and powers Challenges Solutions?. EU Timeline – Recap on history (selected events). XBRL Governance.

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EU Initiatives and Challenges. Commission's Perspective

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  1. EU Initiatives and Challenges. Commission's Perspective Piotr Madziar – EU Internal Market XBRL Week May, 2012, Madrid 22/05/12

  2. Context • EU Timeline • XBRL Governance • Structure and powers • Challenges • Solutions?

  3. EU Timeline – Recap on history (selected events)

  4. XBRL Governance Code Lists Taxonomies … Core Vocabularies Metadata Political Sponsorship Semantics Legislation Strategic Alignment XBRL Legal Coordination Structure & Resources Staff Expertise EU Legal Framework $$ Grants & Budgets

  5. Structure and powers • INFSO – ICT governance, eGov services, interconnectivity, SBR • DIGIT – semantic interoperability • MARKT – legislation (banking, supervision, BR, Mkts transparency, Accounting), IFRS • EUROSTAT – SSR • ENTR, ECB…

  6. Challenges • ESAs – resources, crisis resolution, cross – sectorial alignment • COM – last resort authority, technical legislation, strategic alignment

  7. Solutions • Cross-sectorial coordination capacity within COM? • Core taxonomies – development and management? • External advisory capacity? • XBRL clause in all relevant pieces of legislation? • XBRL legislation?

  8. Thank you! Piotr Madziar European Commission – Internal Market piotr.madziar@ec.europa.eu

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