This article seeks to clarify what is seen as confusion over the fate of the (European) nation-state, by phrasing the question of the title in three different ways. First, it is asked whether the existing nation-stares are threatened. This is found to be the case, but in the sense of a proliferation rather than an obliteration of the nation-state. In the Balkans and the Caucasus, however, the popularity of the idea of the nation-state creates a specific and tragic problem, since ethnically homogeneous nation-states in those areas imply ethnic cleansing. Second, it is asked whether the nation-state is threatened. Neo-functionalist theory predicts the nation-state to become increasingly obsolete as technological developments make it too small to function effectively. But big nation-states are also nation-states, and if the EU were able to establish itself as provider of military security, welfare, and collective identity, the Union would, ironically, be transformed into a nation-state. There is no evidence that small nation-states an unable to provide wealth or collective identity, however, and the provision of military security (or welfare) seems not to be integral to the nation-state. Finally, it is asked whether we witness a reduction in the power of the stare as such - nation-state or not. It is argued that new communication technology and increased private wealth have altered the balance between state and markets/individuals in the direction of companies, organizations, and individuals, as the state no longer can control the flow of money, programme, and ideas.