Neoliberal theories and European institutions have several things in common, including being regularly criticized for their lack of appreciation for democracy. The promotion of the motive of neoliberal governance to the rank of political principle would be done in opposition to the republican model of the general will. However, it seems to us that European public policies, and the theories on which they are based, are not so much based on a negation of democracy as on a deep redefinition of the republican model of popular sovereignty. Far from opposing democratic legitimacy, neoliberal governance builds on it, but by promoting a deeply renewed model of democracy. This article defends the idea that European neoliberal governance draws strength from the democratic conceptions it conveys. We will focus on two key textual sources of the community adventure: the works of Walter Lippmann and those of Wilhelm Röpke.