In the attempt to find an Israeli approach to understanding the current European ambivalence towards Jews, this study focuses on the question of post-Holocaust anti-Semitism. It analyzes a specifically Israeli structure of experience of “schizophrenia” resulting from its decoupling of antisemitism from the Holocaust. It is shown that the justification of anti-Semitism has changed after the Holocaust. Thus, anti-Semitism has developed from a “cultural code” to a “semiotic problem”. The article concludes that the two main forms of Israel’s response to European anti-Semitism are inseparably linked to the question of whether Zionism ended with the establishment of the modern state of Israel and whether Israel is a “normal” state.