Leaders from the world’s 19 largest economies and the European Union met in Washington D.C. for an economic summit last month and agreed on broad principles for preventing future economic crises. Without mentioning XBRL or any other financial formats, XBRL is clearly part of the solution they envision.
Even before the summit, an informal meeting of EU heads of state on November 7 came to a number of conclusions pointing to, but not explicitly stating, the need for continued global adoption of XBRL.
Writing about that early meeting to members of XBRL Yahoo groups, XBRL consultant Piotr Madziar said he found it “interesting to observe how the crisis streamlines the political debate in the EU and unites the participants around problems and solutions to them.”
The result was a stated consensus for more transparency and accountability in financial systems; for increasing international cooperation between the countries’ financial regulators; and for expanding the scope of international financial institutions to include emerging economies.
We quote more of Madziar’s letter below, keeping his boldface emphasis. XBRL addresses all these goals, and the XBRL international organization, along with its national and regional jurisdictions are already in place to help with the additional items agreed upon by the group.
- “It’s time to devise long-term ways to reform the international financial system.”
- “Groups will be monitored by the colleges of supervisors in a coordinated manner. Means to be introduced by national authorities; if appropriate under international institutions’ supervision.“
- “Applicable rules will have to be designed as to create common standards between financial centres.”
- “Transparency of financial transactions must be ensured by means of more comprehensive information systems, which no longer omits vast swathes of financial activity.”
There’s more agreed language from the November 7 Informal meeting of European heads of state or government, and you can download the full text here.
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