Working with a sample of 13 European nations from 1960 to 1997, this paper compares voters’ and policymakers’ attitudes towards unemployment and inflation. Empirical
work on vote functions shows that inflation is the most important determinant of electoral results and unemployment is the least important. Reasons for the emergence of a neo-liberal consensus among European policymakers are discussed and empirically tested. The spread of these conservative ideas and the willingness to achieve a monetary union are suggested as possible
explanations for why governments go unpunished for the increase and persistence of unemployment in Europe
