Ordoliberalism has substantially defined the character of the Economic and Monetary Union (EMU). This chapter elaborates the interrelated German traditions of Ordoliberalism and neo-mercantilism. Foucault was the first to recognize the relevance of the Ordoliberal tradition. However, the strategies of governmentality should be re-analysed in the wake of the Eurozone crisis and then again in the wake of the COVID-19 health-and-economic shock. Ordoliberals were proponents of a strong state, rather than the political liberals portrayed by Foucault. This chapter includes a discussion of their macroeconomic pillars. German neo-mercantilism is perennial, but it has developed significantly since the start of the Eurozone, while the German current account surplus was the highest in the world in 2016 and has been a destabilizing factor for the Eurozone as well as proving an impediment to the growth of the rest of the union. Finally, the constitution of economic success via order and law is reconsidered in the light of the pandemic shock, a period when certain Ordoliberal principles were relaxed.