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In order to deal with the volatility caused by the high proportion of renewable energy, Europe has established a cross-regional balancing market. The European experience and practices in the cross-regional balancing market can bring reference for the construction of China’s power market. To this end, this article conducts an in-depth study on the operation mode and settlement of the unified European balance market, and reviews the key issues and the corresponding solutions faced by the settlement level in the European integration of the balancing markets of various countries. Finally, founded on the actual situation of China’s inter-regional power market, the European balancing market is proposed for the construction of China’s inter-regional market.