Résumé : The paper clarifies the conditions under which policy discourse can effectively build consensus and legitimacy over a policy programme. It argues that discursive effectiveness depends on the efficient engagement of knowledge during policy formulation. It tests its theory against the Greek case of pension reform (1990–2002). Conceptually, the paper adds to discursive institutionalism. It shows that actor-centred research design and policy-level variables can help understand the gravity of policy discourse in the policy process. It also shows that the ineffectiveness of the governmental discourse ultimately indicates the failure of Greek democratic policy-making and politics. Finally, it suggests that the relationship of discourse with its institutional context might also depend on the attributes of the policy-making process that deploys it, as well as, the structural characteristics of the polity that produces it.