This paper analyses Natura 2000 as a shifting configuration of different approaches to nature conservation and discusses the consequences of these shifts for the roles of the stakeholders affected by this policy. Natura 2000 started with a technocratic approach that privileged conservation experts and marginalised socio-economic stakeholders. Over time, this approach has been complemented with participatory and economic approaches that offered scope for the inclusion of land users and business actors. However, the analysis also shows that the selective inclusion of economic values and stakeholders in the Natura 2000 framework risks marginalising other important socio-environmental actors.