This presentation examines the EU’s regulatory response to the financial crisis, from institutional and substantive perspectives, and considers what the response suggests about the new regulatory landscape and its risks. It examines the massive regulatory reform agenda and the establishment of the new European System of Financial Supervision, in particular the European Securities and Markets Authority. The defining feature of the post-crisis reform movement seems to be the array of influences which are driving the financial service regime toward greater centralization. These forces have always been considerable in the EU, but since the crisis they have become intense. The battle for regulatory control between the EU and its Member States over ‘law on the books’ is over. But pressure for greater homogeneity in, and centralization of, ‘law in action’ (supervision and enforcement) is increasing. The presentation examines the forces which have shaped this decisive move to ‘More Europe’ in the financial services sector and considers the risks which it may generate.