A second, subtler, ideological argument that pushes in the same direction is that German policy makers are "ordoliberals" (literally, order liberals) rather than neoliberals. … Rather, the German ordoliberal tradition stresses the importance of state provision of the Ramenbedingungen (framework conditions) within which markets can operate. … In short, regulation to make the market possible, rather than regulation to police its rough edges, becomes, along with strong budgetary discipline, the core of a Sozialmarktwirtschaft (social market economy), where the state regulates but doesn't stimulate or experiment, especially with the budget. Ordnungspolitik, a politics of order and stability, especially financial stability policed by a strong independent central bank, is the result.

Mark Blyth, Austerity, loc. 164