XBRL Europe is proud and honored by the European Central Bank (ECB)’s decision to become a member of the organization. Since 2008, XBRL Europe has been contributing to the regulatory reporting process for the banking and insurance sectors in Europe. The use of XBRL, an open international standard for digital business reporting, benefits both regulators and regulated banks since all parties use software developed by vendors that leverage the common standard while competing on solutions proposed to their clients.

The European Central Bank’s contribution to XBRL Europe working groups will facilitate further exchange between regulators, regulated banks, and their software suppliers, benefiting all, and strengthening the implementation of integrated reporting projects in Europe.

Bruno Tesnière, Chair of XBRL Europe, stated: “We are very pleased with the ECB’s decision to become a member of XBRL and contribute to the future development of the standard and its use. As a community, we strongly believe that the use of common standards benefits everyone. Since 2008, XBRL has proven its capacity to provide a solution-oriented standard for the exchange of regulatory, financial (ESEF), and soon non-financial (ESG) data. The ECB’s decision to join our organization is a testimony to the value of what we do for the public good.”

Claudia Mann , General Director of Statistics at the ECB, explained “The ECB has been regularly participating in XBRL Europe meetings and engaging with different European stakeholders in the usage and enhancement of the XBRL Standard since 2013. The ECB collects supervisory banking reports using XBRL since the establishment of the Single Supervisory Mechanism, in 2014. We see XBRL Europe as a space for collaboration among authorities, reporting entities and service providers to improve the reporting framework in Europe.”

About XBRL Europe

XBRL Europe is a regional not for profit organization (affiliated to XBRL International) for the promotion of XBRL in Europe, with 37 members in 2023.

XBRL Europe has been set up to foster European XBRL efforts, to implement common XBRL projects in Europe between its members and to liaise with European Authorities and organizations. www.xbrleurope.org 

For media queries, please contact Gilles Maguet, CEO XBRL Europe – gilles.maguet@xbrl-eu.org – Tel. +33.(0)6.71.62.31.19