Answer: “The military crisis may be over. The economic crisis is still with us in all its force. But the intellectual crisis, being more subtle and, by its nature, assuming the most deceptive appearances . . . this crisis will hardly allow us to grasp its true extent, its phase.”
Valéry describes the effects of the war on the European continent. He argues that, as the war came to an end, the military crisis ended as well. The economic crisis remained and was difficult to overcome. However, the intellectual crisis was difficult to judge just yet, because of its extent. It was a more subtle and deceptive crisis, but equally real. This was the "crisis of the mind" in Europe.