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In a globalised economy, the EU, being self-confident, could shape international standards by defending and promoting its own socioeconomic model. Social democratic parties rhetorically confess the need for a ‘European social model’, but meanings and ways to achieve it differ largely. In a comparative case study on the programmatic positioning of the German Sozialdemokratische Partei Deutschlands and the Spanish Partido Socialista Obrero Español, the parties' perspectives on the integration mode and their handling of the Economic and Monetary Union framework and its crisis over the last decade are traced. Although similar paths from neoliberal convictions of the ‘third way’ to a positive integration process in a fiscal union setting are found, the scope and levels vary, illustrating the abilities of both parties to meet new transnational challenges. The crisis of the Eurozone was a definitive turning point for the positioning of the Social Democrats in Spain in favour of more political and fiscal integration. In contrast, their German comrades already advocated increased social integration of the EU since 2005 but remained very cautious regarding reforms of the economic framework established by the Eurozone.

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