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This article discusses the recent debate between Jürgen Habermas and Wolfgang Streeck on the relationship between capitalism and democracy in Europe. The article recounts Streeck's analysis of the financial crisis, the transformation of the tax state into the debt state, and the development of the EU towards an international consolidation state, which informs Streeck's call for a retreat from Europe to the nation-state as the last line of defense against neoliberal capitalism. The article proceeds to sketch Habermas's criticism of Streeck's argument, and it illustrates how Habermas' proposal for a reconstitution of the EU as a supranational democracy is motivated by foundational concerns in his critical theory of society. Finally, the article argues that the debate results in an unresolved dilemma: while only a democratized EU can reestablish the supremacy of politics over globalized markets, the EU is more likely to become further entrenched as an international consolidation state.

Doomsdays preachers suggested that Brexit and Trump would mean the end of the liberal world order as we know it and thus the end of the EU. The research presented here suggests the opposite. Not only have Europeans turned their back to populism by voting yes to reforms and pro-EU-parties and governments in different member states over the past months, but Brexit and Trump also seems to have given a complete new momentum to the European project. This article demonstrates why Brexit cannot be generalized to the rest of the continent but is the result of a complicated and special British conception of what it means to be a sovereign state in the 21st century. Moreover and paradoxically, surveys show that the greatest fear among Europeans today is not more European integration but right wing populism and European Disunion.