Wholesale markets in Europe have done well under a gentle regulatory regime, David Wright, deputy director general, EU Commission told The Forum, a MiFID event Tuesday. European markets grew twice as fast as GDP and faster than markets in the US.

“It is a pretty staggering change from where we were 10 years ago.”

But he warned financial services firms they have a big challenge ahead and called for leadership. “The firms that created this mess have to step up to the plate. This is not the time for firms to seek de minimis solutions or to seek delay,” he warned. “We need some action, and firms need to step up and lead.”

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