The latest round of regulation from the EU to attempt to create a more stable financial system that can better withstand global economic cycles and upheaval was meant to come into force on January 1st, 2013. The Capital Requirements Directive (CRD), now in its fourth iteration, brings new reporting structures into place. A business-driven language, the eXtensible Business Reporting Language (XBRL) is a mandated part of how financial organisations across the EU will have to submit their prudential reports to the necessary bodies.
Just how prepared were the financial markets across Europe for CRD IV and XBRL?
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