What Europeans no longer believe in are the things from which their beliefs spring: Judaism and Christianity; liberalism and the Enlightenment; martial pride and capability; capitalism and wealth.
And by the way, in case someone freaks out over the use of the term "liberalism", let me remind them that historically, the term "liberal" is opposed to those who embrace statism, monarchs, and other styles of overbearing governmental models. Only in the past 60 years or so has it taken on the clothing of the Democrat party.
“Classical liberalism” is usually the term here