I entered the EU Parliament at one of the most turbulent times in modern financial history. When I arrived discussions about the EU’s response to the financial crisis were in full swing — and the first drafts of the revised Markets in Financial Instruments Directive would land on my desk just a year later.

Mifid II kicks in today and, as it is implemented, there will be headlines about its impact, overreach and errors. But I also think this is an opportunity to pause and reflect on how much worse Mifid II could have been.