Germany was able to take the lead in Europe because German ideas have been at the heart of the EU and the euro since its inception. This is also why the Germans were able so successfully to turn the debate about the crisis their way—they were the only people who really believed what they were saying. Whereas the Americans were Keynesians by default, the Germans were ordoliberals by design. In monetary matters above all, credere (belief) matters.

Mark Blyth, Austerity, loc. 379