This paper retraces the genealogy of the accounting treatment of public-private partnerships (PPPs) in Europe. It demonstrates that the potential “off-balance” treatment of PPPs has played a crucial role in its diffusion to countries willing to implement a dynamic investment policy in the context of tight budgetary monitoring that characterizes the Economic and Monetary Union. However, the subsequent strengthening of deconsolidation conditions and the convergence of private, public and national accounting systems tend to weaken national governments, which more than ever have to comply with private investors’ return-on-investment expectations in order to fund public services and infrastructures through PPPs.