The profession of economics is central to European governing, governance and government. Economists produce perceptions of economy, politics and society, without which it would be hard to imagine, let alone govern Europe. The article focuses on one specific instance of such knowledge: German-speaking economists' crisis perceptions 2009-2015. In a first step, the diversity of economists' crisis statements is analysed using a multiple correspondence analysis (MCA). Six discursive currents can be identified: three ordoliberal, one socio-liberal and one Europhile Keynesian. Each reaches a unique crisis perception by combining problems detected, solutions proposed and values adhered to. In a second step, the article argues that each of these currents is structured by their proponents' positions in the academic field of German-speaking economists. This is shown using a second MCA to construct the field and to locate the six discursive currents in it. The dominance of ordo-liberalism and especially a European ordo-liberal position can be traced back to, first, its speakers' field-positions and, second, their chance of forging a discursive alliance with socio-liberal positions. Hence, the article argues that the omnipresent triad of austerity, competitiveness and European governance, that we so often encounter, is a socio-historically specific discourse and field effect.