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We investigate using the basic concepts of Dewey’s pedagogical philosophy on democracy and education as analytical tools for exploring the democratic potential of a transnational education policy within the contemporary European risk discourse. A Deweyan reading of some main policy documents, starting with the 2000 Lisbon Strategy, allows for critically discussing some of the basic assumptions and consequences of the EU-advocated transnational education policy. The data sources include 28 EU policy documents from 2000–2014. The analysis shows that in addition to a prevailing “human capital” discourse, there is potential for a communicative “democratic discourse” promoting social cohesion. This underlines full and free communication as the only way to promote and ensure the conditions for social cohesion.