If you are with a good operator, the operator will have had the sums done (either by in-house or contracted tech service ops engineers) and all should be well.
If not, then you might have a problem ...
you fly a SID and suddenly an engine fails. Below engine out acc. Alt and above 1000 in a turn. What´s supposed to happen?
Is the runway/airport surrounded by tiger country terrain ? .. or is the landscape pretty benign with no obstacles at all ?
My thoughts were: Select MCT- Stay on SID- apply ECAM-Call atc and do the level off in a good alt.
Would you not keep takeoff thrust on until you are cleaned up ? If you have gone to climb thrust you should still be climbing reasonably steeply and well above the OEI profile. Maybe still go back to takeoff thrust until you have cleaned up ? After all, that should have been the basis for the sums in the first place.
Main concern (if the operator hasn't done the sums) is whether turn radius and climb is going to put you into the hills or above them.
Moral - one should do the sums beforehand and know what the outcome should be.