In liberalized power markets, balance responsibility and imbalance settlement are two closely related elements that constitute the heart of a balancing market (which is actually an institutional arrangement establishing market-based balancing). This paper aims to compare balance responsibility and imbalance settlement in the Nordic region, Germany, and the Netherlands. For this purpose, an overview is given of existing design variables and variable values in Northern Europe. Furthermore, the effects of different variables and values on four identified performance indicators have been rated with the support of a causal diagram of the balancing system. We conclude that different design variables create large differences in balancing market performance in Northern Europe, with the Program Time Unit, the scope of balance responsibility and the main imbalance pricing mechanism having the largest impact.