When considering the ideas behind economic and monetary union, most of the scholarly attention has focused on Germany and its ordoliberal tradition. The role of smaller countries such as the Netherlands, however, has yet to be considered. The Netherlands has long been one of Europe's staunchest fiscal hawks. To explain Dutch hawkishness, the international business press has reverted to the cultural trope of Calvinism. In contrast, this article traces this hawkish stance to the Dutch neoliberal turn of the 1980s, in particular the rise of public choice theory. In early 2012, during a meeting in Brussels, the Dutch Prime Minister Mark Rutte described the need for fiscal discipline as ‘the lesson of the 1980s’. Building on institutional analysis and intellectual history, this article shows how Dutch policymaking elites conceived of EMU as a response to that lesson.

Since 2008, growing scepticism about the ability of market forces to ensure financial stability and environmental sustainability has revived interest in credit controls. Credit controls were common in Europe before the ‘neoliberal turn’ of the 1980s. However, the decline in support for these policies in the 1970s is not well understood. This article examines Italy's shift away from credit controls, focusing on the role of central bank economists and the Bank of Italy's monetary policy ideas. By analysing the discourse and research of central bankers from 1973 to 1983, the article shows that persistent fiscal deficits were the main driving force behind both the introduction and the subsequent abolition of credit controls. It also highlights the influence of a new generation of economists, such as Tommaso Padoa-Schioppa and Mario Monti, on Italian economic policy, providing a case study that contextualises the economic ideas shaping policy making in the European Monetary Union.