Especially in times of (corona) crisis, the German press plays a crucial role in communicating Germany’s economic policy orientation, influencing how the crisis is communicated to the public. The issue of joint European debt has never been more visible than in these times, as has the threat of a new euro crisis—Italy in focus. This study explores the German media framing of coronavirus disease 2019 (COVID-19) using Italy as an example. Applying quantitative content analysis, the relative prevalence of frames rooted in competing economic policy paradigms (neoliberal/Keynesian) in press coverage from February to July 2020 is examined. The Keynesian paradigm dominates coverage. Using logit analysis, issue-specific neoliberal frames are identified as solution oriented, while Keynesian frames focus on evaluations. With Germany's policy shift regarding European joint debt and toward European greater fiscal integration, a paradigm shift is observable. Overall, findings demonstrate a relatively paradigmatic pluralistic reporting.