We discuss how to consistently perform effective Lagrangian computations in quantum gravity with branes in compact extra dimensions. A reparametrization invariant and infrared finite result is obtained in a non trivial way. It is crucial to properly account for brane fluctuations and to correctly identify physical observables. Our results correct some confusing claims in the literature. We discuss the implications of graviton loops on electroweak precision observables and on the muon g - 2 in models with large extra dimensions. We model the leading effects, not controlled by effective field theory, by introducing a hard momentum cut-off.