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The way penal changes have been explained in Europe has been strongly influenced by the academic production around the US, by way of a constitutive other. This presentation considers the possibility of an existing European model (with differences between countries). In doing so, attention is paid to the political economy of punishment - a theoretical approach that originated in Europe -, and the important works of Cavadino and Dignan, Lacey and Lappi-Seppälä are explored. These series of empirical studies, developed during the last two decades, have sought to overcome some of the usual limitations in comparative penology, broadening the indicators studied and challenging some reductionist notions from the classical political economy of punishment. Beyond some similarities, they stress differences between regions of Europe. Attention is also paid to the debate on Nordic exceptionalism, which encapsulates some of the debates around a possible European distinctive model of punishment. It concludes by examining some limitations and pointing out some proposals for future research.