Europe is a heavyweight in global finance. But does it have a presence in global financial governance to match? This paper employs a principal -agent approach to analyse patterns of policy-making delegation in the EU to explore this question. It finds a U-shaped relationship between the extent of delegation and the 'European presence' in global financial governance: when member states either remain in control of policy or delegate extensive competencies, European stakeholders are well represented. In contrast, intermediate levels of delegation can undermine the European presence by tying member states' hands without sufficiently empowering supranational agents to fill the gap. Patterns of delegation are traced to the heterogeneity of member state interests and the pre-existence of international governance arrangements. These arguments about the origins and consequences of delegation patterns are supported by evidence from three core domains of financial governance: banking regulation; accounting standards; and capital market regulation.