In the last decades, the EU’s policy on education has become increasingly geared towards serving the economy. While some have been quick to label these changes as neoliberal, this is not such an obvious analysis considering that European education systems are still well-known for their welfare governance. This research attempts to clarify the relation between the EU educational policy and neoliberalism. Inspired by post-foundational discourse theory, we conducted a discourse analysis of three key European Union educational policy documents. Extending on a frame of 20 years, our analysis identifies an incremental neoliberalization of the policy as well as a number of conclusive similarities with neoliberal rationality. We contribute in showing how the economic dimension of the EU educational policy has not so much replaced the other objectives than it has incorporated them. We also show how contemporary educational policy continues the dynamic of neoliberalization, hinting a further dismantlement of the welfare states system in Europe. Our study stands to reinforce the conceptual link between European education and neoliberalism and as such contributes to the understudied ideational perspectives on the topic, complementing some shortcomings left by the mainstream theories, like neo-functionalism and liberal intergovernmentalism.