Half a decade after the onset of the financial crisis, few facets of the way in which Europe’s financial markets are structured and governed have remained untouched. The changed financial climate (e.g. negative real interest rates) affects societal stakeholders from pensioners to houseowners and debtors. Financial regulation itself has been criticized as inadequate and indebted to faulty, putatively neoliberal ideas. Policymaking was seen as too fragmented across institutions and levels of governance and hence ineffective and prone to capture by the financial sector. The flaws of Economic and Monetary Union, with the single currency at its heart, have driven bigger wedges between EU member states than any the Union had ever seen; German leadership (or the lack of it) has attracted particular ire. And financial intermediaries themselves have felt pressure to alter their business strategies and their relations to each other, the markets in which they operate, national governments and global standard setters. This panel showcases research that explores to which degree these challenges have actually spawned fundamental market, policy or institutional transformations, and how the patterns of continuity and change that we see in European finance and its governance can be explained.