ABSTRACT The austerity measures adopted after the financial crisis of 2008–2009 accelerated the critical scholarship on neoliberalism and the media. This article uses discourse theory to analyse how The Economist newspaper constructed a ‘euphemised’ neoliberal discourse amid the European austerity drive in the years 2010–2012. The article argues for distinguishing between different types of neoliberalism and defines euphemised neoliberalism as a discourse that is characterised by a post-political style, a posture typical of The Economist’s elite journalistic identity. The article discusses (...) the type of discourse being articulated via The Economist’s rhetorical strategies of moral and rational austerity, anti-politics and austerity as modernisation. These strategies allowed for a nuanced and even a critical debate on European austerity policies, but ultimately The Economist produced a depoliticised understanding of economic policy-making, as the need for austerity and reforms could not be questioned. Finally, the article discusses how the austerity measures adopted in 2010 led to a crisis in the previously constituted euphemised neoliberal discourse and accelerated counter-hegemonic discourses, such as authoritarian forms of neoliberalism. (shrink)