Abstract This article takes up where securitization theory left off, arguing that securitization can occur or evolve without the assent of an identifiable audience. To explain this puzzle, the article proposes that rather than investigating the construction of threats at the level of discourse, we should focus on the functions and implications of policy instruments used to meet a public problem (e.g. terrorism). In order to substantiate the framework offered here, the article examines the primary tool in the EU's fight against terrorism, information exchange. The conclusion suggests that the consequences of counter-terrorism have been de-politicization, intelligence-led policing and cross-pillarization.