In the context of austerity policies in EU countries, a discussion erupted whether the budget constraints imposed on countries in need of help create a danger to the European idea per se. Its core is characterized by the idea that a contradiction exists between the ethical and moral maxims of the European Union as a ‘community of values’ on the one hand and necessary economic constraints that recipients of assistance must accept. The current subversion of Europe’s ethical and moral basis as a consequence of austerity may be interpreted as confirmation of Schumpeter’s thesis according to which capitalism ultimately destroys everything – including its own foundations. While Schumpeter’s argument is based on the antagonism of morality and capitalism, this paper argues that these concepts are actually consubstantial. In order to proof this, morality and capitalism and their meanings for European austerity are explained with reference to Heidegger’s notion of technology.
