Has the European Semester led to a displacement of Social Europe, or to the development of social policy through fiscal processes and actors? – Potential for Semester to increase soft law’s binding effects or ‘socialise’ EU policy-making – Positive effects severely limited by the Semester’s overall goals: fiscal stabilisation and the creation of increasingly uniform economic policies – Dilemma for Social Europe: how can an autonomous EU social policy be (re) established without risking marginalisation?