The role of metadata language implementation in the European banking supervision network

Abstract

The mark-up language eXtensible Business Reporting Language (XBRL) has been chosen by the Committee on European Banking Supervision (CEBS), which reports to the European Central Bank (ECB), as the medium of communication between financial entities and national supervisory authorities, after considering the special features involved in the functioning of the network comprising these entities. This system of communication makes it possible for the various national authorities to collaborate in promoting the stability and solvency of the financial system at the European level. The construction of the new system has involved a collaborative framework in which both the operating practices and the highest-level standards are becoming uniform, making XBRL an element that is actively stimulating cooperation between entities that work in this network. The present study reviews the explicit benefits of the incorporation of this type of technology in such networks, and how the fact that the incorporation of technology implies consensus is enabling these networks to evolve into more cooperative groupings, and to increase their visibility.

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