Europe’s Crisis of Values

Far from being a voluntary association of equals, the euro is now held together by hierarchy and harsh discipline. Instead of European fraternity and solidarity, hostile national stereotypes proliferate, giving rise to extremist forces that gained ground throughout the continent in 2012.

NEW YORK – Xenophobia and extremism are symptoms of societies in profound crisis. In 2012, the far-right Golden Dawn won 21 seats in Greece’s parliamentary election, the right-wing Jobbik gained ground in my native Hungary, and the National Front’s Marine Le Pen received strong backing in France’s presidential election. Growing support for similar forces across Europe points to an inescapable conclusion: the continent’s prolonged financial crisis is creating a crisis of values that is now threatening the European Union itself.

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