“Value talk” is gaining increasing traction in European Union politics and law, and is integral to the EU treaty change process. This article examines how EU values are invoked and deliberated by various stakeholders in EU politics, the challenges present in “value talk,” and the implications for their interpretation in EU law and constitutionalism more broadly. We use the European Citizens’ Panel on EU Democracy/Values, Rights, Rule of Law, Security (ECP), held during the Conference on the Future of Europe, as a case study. Utilizing ethnographic methods (via first-hand observations from the ECP) and the official public documents presenting the partial results of the ECP, the analysis of “value talk” explores two competing approaches: (i) value reductionism, which treats values in relative isolation from one another, and (ii) value holism, which considers values as mutually constitutive and requiring a comprehensive discussion of the broader value system. Following the conceptualization of these approaches and an introductory discussion of their implications for constitutionalism, we analyze the approach adopted in the ECP. We find that the design of the deliberations tended to favor a reductionist approach, but participating citizens leaned toward a holistic one. We conclude by exploring the reasons for the prevalence of the reductionist approach and argue that greater value holism is an important next step in the evolution, clarification, and strengthening of (EU) values and their role in constitutionalism. It is also essential for the EU to move beyond its technocratic past and develop greater democratic legitimacy.