Reformation had occurred in Europe at time, when the continent was undergoing deep economical and structural changes. The colonization of the New World and overseas discoveries alone put naval nations (Spain, Portugal, England, France) into foremost position on the Continent. The traditional economical base of Europe inherited from Antiquity and centered around Mediterranean with Italy playing key economic role there was undermined, and a new economic base at the Atlantic coast arouse. Italian cities with Venice, Naples, Florence and Genoa played important banking, industrial, cultural, and intellectual role in Europe prior Reformation. They were also the largest cities in Europe and they controlled much of the international trade between Orient and the West. However, after the rise of new states, Italian peninsula went into deep economic depression and Italian city state had never achieved the same prominence as they had in the past. The largest cities of Europe became London or Amsterdam, and they also supplemented the most intellectual and economic input in past 400 years.
Reformation also changed Europe ideologically. Once culturally homogeneous continent with Rome playing a dominant role of the Christian civilization was fragmented. The role of Holy Roman empire as the guardian of the Christianity and the faith and the emperor diminished. The split of the territory between Protestant north and Catholic south weakened the prestige and power of the Empire and it became obsolete institution as it could not achieve much power outside its catholic, mostly Austrian base. The extensive fighting that occurred on the territory of Holy Roman Empire after reformation had destroyed much of the economy and it took German states several hundred years to achieve back the parity it had with the wealthiest countries of the West. The reformation caused deep economic division among European states, which enabled England to become the foremost country on the Continent. This was a major shift from medieval Europe, where French monarchy played a significant role and model for the rest of the Europeans.
Sorry for making it so long. Hope it helps. :)
