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

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

3. EU Timeline – Recap on history (selected events) ParliamentCouncilCommission 2004-6BRITE, XBRL in Europe 2007Conclusions: "available technological instruments and business reporting computer languages" Communication on the simplification of company law, accounting and auditing. 2008- Simplified business environment (Lehne) - Future structure of supervision (Daianu/Van den Burg) - EU Commissioner McCreevy's joint press release with US SEC Commissioner Cox - Stoiber's HLEG opinion 2009Stoiber's HLEG opinion 2010- Stakeholders' Meeting, - Legislation on Supervision 2011- Stoiber opinion "piecemeal initiatives", Commission to "streamline all taxonomies", - Actica study 2012Transparency and Acc.

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