This article problematizes the recent comeback of the exceptionalist jargon as it is conjured by both critics and sympathizers. While in the last decades governments across the globe had recourse to emergency measures to cope with far-reaching emergencies, from terrorism to the COVID-19 pandemic, the received view has it that political power takes advantage of states of emergency as they put themselves in the position to circumvent constitutional limitations. Carl Schmitt is claimed to be the major advocate of this conception (...) of emergency politics in that he elaborated on the concept of the state of exception as the heart of the state political power. This article contends that the received view is doubly wrong. First, soon after his espousal of exceptionalism, Schmitt realized that emergency legislation is an ineffective and costly governmental device that should be transitory and is as unstable as the crisis it is meant to overcome. Second, the received view neglects how Schmitt came to his model of ultraconservative substantive constitutionalism as he maintained that the main task of politics is to protect the normative life of a limited set of state-sponsored institutions as well as the substantive contents they produce. (shrink)