The main motivation for exploring the relationship between globalization and Europeanization is the understanding of the importance of exogenous factors for policy change at the domestic level. Can we distinguish the impact of Europeanization to that of globalization? What is the relationship between globalization and Europeanization and what can we learn about the impact of the two phenomena upon political institutions, public policies, identities and values of EU member-states? Can we distinguish the traces of globalization to those of Europeanization upon the domestic level? The paper draws upon International Relations and International Political Economy theories of globalization as well as upon the Europeanization literature. Both phenomena are multi-dimensional and in order to assess their impact and their relationship three dimensions are explored: political institutions, public policies and values and identities. It is concluded that the two phenomena are interwoven and that there is no antithetical relationship between them. Their core is similar, based on the values of neo-liberalism, representative democracy and open market economy.