Revisiting the trend of identifying populism with extreme right parties, in this paper we aim to problematize such associations within the context of today’s Europe. Drawing on examples from relevant parties in France and the Netherlands, and applying a discourse-theoretical methodology, we test the hypothesis that such parties are better categorized primarily as nationalist and only secondarily–and reluctantly–as ‘populist’. Our hypothesis follows the remarks of scholars who have stressed that the central theme in the discourse of such parties is not the staging of an antagonism between a ‘people’ and an ‘elite’, but rather the opposition of an ethnic community with its alleged dangerous ‘others’. In this context, we propose a discursive methodology able to differentiate between ‘populist’ and ‘nationalist’ (xenophobic, racist, etc.) discourses by locating the core signifiers in each discourse in relation to peripheral ones, as well as by clarifying the nature of the axial antagonisms put forth.