In this article we examine the European Semester as an innovative form of policy coordination, with distinct effects on education and skills policies for Member States. We analyse the Semester's framing of education policy, and examine its manifestations in Spain and Sweden, two countries considered to be different in their approach to education. Drawing on a policy instrumentation approach and interviews with policy actors and documentary analysis, our research suggests that while the Semester has given education policy a significant place within the EU's governance, economic rationales for education are clearly dominant in the process. Still, we identify underpinning logics that strengthen the social and educational perspectives represented in the Semester, although these are still treated as productive forces for labour market integration. In addition, there is a strengthening of collaboration between the European Commission and Member States, but also tensions between different parts of the Commission over the definition and direction of education policy.