History matters for the future of Europe in a globalizing world. European institutions are the outcome of a long historical process of development. Many of them were created or shaped in the past as a reaction to the forces of economic integration. Moreover, in spite of wide differences among countries, Western Europe offers, in broad terms, a coherent socio-economic model based on the coexistence and positive integration between market and non-market institutions. The European historical experience demonstrates that regulation, coordination rules and market integration can successfully complement and reinforce each other, and that markets tend to perform better if they are embedded in a range of non-market institutions whose function is to create, regulate, stabilize and legitimate markets. This is exactly the argument some critical observers are putting forward in the current globalization debate. How should European institutions adjust to current globalizations?