Social movements do not appear spontaneously. They are rooted in cultures and contexts and their evolution depends both on macro structural factors and on the action and organisation of pre-existing actors. In particular, the anti-austerity protest events that characterised southern European countries in the last few years cannot be understood through a focus on them as isolated incidents. They need, instead, to be analysed as part of a cycle of protest. Furthermore, some of their components are rooted in the activity and elaboration of pre-existing actors. We contribute to this issue by analysing the role of the student movement in the lead up to the anti-austerity mobilisations in Italy and Spain. This analysis allows us to show that a relevant component of the discourse of anti-austerity mobilisation comes from a long-standing trajectory of critique of neoliberalism, and that specific actors in specific fields of action reshaped and recontextualised this heritage in the context of the economic crisis, paving the way, at least from the discursive point of view, for the emergence of anti-austerity mobilisations. Our analysis, based on qualitative interviews of Italian and Spanish activists, point outs how student activists acted as initiators of anti-austerity mobilisations and as brokers in the adaptation of the anti-neoliberal discourse in the new context, with the goal of addressing a wider audience. We stress that pre-existing political trajectories play a significant role in the development of social movements, we highlight the importance of discursive continuities of cycle of protest and we argue that this role needs to be taken into account, together with structural factors and political processes, in understanding protest. Furthermore, we aim to contribute to the study of social movement continuities and cross-temporal diffusion, pointing out the active role of movements in this process in a dialectic relationship with the structural context.