As a consequence of the global financial crisis, many observers expected that the European Union would initiate and spur the reform of global finance. However, it turned out that the European endeavours have only been modest and unassertive so far. This contribution aims to explore this development. It argues that there are various causes of the European defeat, but that it is possible to identify some structural factors which enabled powerful political actors to defend a liberally organized financial market environment: externally, international communication and bargaining processes have been and still are structurally biased towards a liberal global financial order owing to the strong role of global financial centres and the dynamics of competitive deregulation; and internally, the emergence of a new European economy, based on financial market integration and manifold processes of financialization, has brought about fundamental changes of European capitalism as well as of societal and intergovernmental power relations.
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