Ordoliberal logic makes the slump, not the boom, the moment for austerity.

Evidence

The imprint of these ideas on EU institutions is not in doubt. There is no place for Keynes and compensation in an economic union in which competition produces growth through the production of competitive products and the running of surpluses, not the shallow demand of the money press. In such a world, the slump, not the boom, is the right time for austerity. — Mark Blyth, Austerity, 380

Categorization

• XREF: Directly inverts standard Keynesian countercyclical timing—core to the austerity critique in Mattei.