Iza suvremene europske sintagme o prijelazu s države javnih službi odnosno socijalne države na državu stratega i regulatora koja se ponovo okreće radu i poduzimanju krije se novi europski model kapitalizma. širi se prostor djelovanja tržišnih zakonitosti. Prije širok javni sektor, sveprisutna javna uprava i jaka država doživljavaju korjenite promjene. Javni je sektor podvrgnut masovnoj privatizaciji i kontroliranoj liberalizaciji. U javnoj se upravi stvaraju nove institucije nezavisne od izvršne vlasti i državne uprave sa zadatkom regulacije i kontrole novih sektora tržita koji nastaju u području prijašnjih javnih službi, tj. službi od općeg interesa. U tom dalekosežnom društvenom pothvatu naziru se elementi specifičnog novog europskog modela kapitalizma. U radu se analiziraju europska regulacija službi od općeg interesa te regulacijske agencije (prednosti, rizici, usporedba europskih i američkih agencija, položaj u sustavu diobe vlasti, zaštita prava poduzetnika i potrošača, uloga u novom modelu europskog kapitalizma). Rad se teorijski temelji na neoinstitucionalnoj teoriji, teoriji tranzicije te teoriji europeizacije, A new European model of capitalism is hidden behind the current European syntagm about transition from the Keynesian state-owner (L’E tat Providence, welfare state) to the regulatory state which is more work and entrepreneurship oriented (L’E tat Stratege, workfare state). The new model is characterised by widening space for free market economy and building new institutional infrastructure of regulated market. The previously wide public sector, omnipresent public administration, and strong state have been under going deep reforms because of such a development. The public sector has been facing massive privatisation and controlled liberalisation. In public administration new institutions independent from the executive and state administration have been built, with the task to regulate and control new market sectors. Elements of specific new European model of capitalism could be identified in this far-reaching social project. Aside of significant national specificities, the European Union bodies try to lead a common policy in that field of erstwhile public services (i.e. services of general interest). By two important policy and legal documents (White book; Bolken stein Directive), the EU tries to harmonize policy in that field. Services of general interest comprise services of general economic interest and non-economic services. Among the first ones are those provided by the large network industries (transport, postal services, energy and communications), but water supply, waste disposal, and other economic activities subject to public service obligations also belong to that group. Services of general economic interest provided by the large network industries should comply with basic principles for services of general interest (universal service, continuity, quality of service, affordability, user and consumer protection), sector-specific obligations as well as with, subsidiary, general regulation on open and competitive internal market and state aid. Regulatory agencies are there in order to ensure such compliance and as a possible institutional solution for many new regulatory, administrative, legal, technical, and other issues. Along with regulatory competences, they also have control and decision-making competences in concrete cases. European regulatory agencies have been developed based on American independent regulatory commisions and agencies model. The first American body of that kind, Interstate Commerce Commission, was established in 1887. Regulatory activity in the European Union constantly becomes stronger: there were four regulatory agencies in 1992, now there are about 30 of them. Many new regulatory bodies have been established in the member states. Establishment and building their capacity is a component of Europeanisation process in Croatia, too. European regulation of services of general interest and European regulatory agencies, developmental trends of state regulatory activity, regulatory agencies (strengths, risks, comparison of European and American agencies, position in the separation of powers arrangements, protection of entrepreneurs and consumers, and other issues), situation about regulatory agencies in Croatia and other European countries, are among issues described in the paper. Paper is based on Europeanisation, transition, and neo-institutional theories. The role and effects of regulatory bodies in building a new model of regulated European capitalism is especially addressed.