Modernism is true in that it tried to get to the Person of Christ beyond the reductionism of just doctrine. It is false in that it dipped into a subjectivism and lost the reality of Christ in the self as consciousness. Christ was reduced to an internal sentiment and all religion to a psychology of vital immanentism. The distinction is so delicate that Ratzinger at his best in affirming that the self becomes Christ (Revelation as Person) by the conversion and therefore reception Christ into self (faith) was accused of Modernism by Michael Schmaus.
This understanding of faith as conversion away from self in order to receive and be transformed into Christ as subject and therefore take on a relational anthropology is the Second Vatican Council (GS #24). This conversion takes place in the interchange of subjectivities (Christ and the believers), but it is not subjectivism and the non-reality of relativism. Rather, it is supreme realism. The supreme created reality – being – that reason craves is the self as going out of self experienced in the act of transcendence).
Therefore, Modernism had its true side, but dangerous in its falsity. Pius X providentially stopped the proliferation of the falsity of modernism while giving the Church a chance to develop the spirituality of Opus Dei, the theology of De Lubac and Joseph Ratzinger and the phenomenological metaphysics of Karol Wojtyla. All of this has conspired with a technology of universal communication to give us the greatest possibility to restart a global culture with a “new trajectory of thinking” (BXVI “Caritas in Veritate #53) built on this relational anthropology to create the “new civilization of love.”
Therefore, I repeat the remark of Ratzinger taken from Johann Metz:
“Levels of Teaching"
The text (Instruction on the Ecclesial Vocation of the Theologian) also offers different forms of binding which arise from different levels of magisterial teaching. It states – perhaps for the first time with such clarity – that there are magisterial decisions which can not be and are not intended to be the last word on the matter as such, but are a substantial anchorage in the problem and are first and foremost an expression of pastoral prudence, a sort of provisional disposition. Their core remains valid, but the individual details influenced by the circumstances at the time may need further rectification.
“In this regard one can refer to the statements of the Popes during the last century on religious freedom as well as the anti-Modernist decisions at the beginning of this century, especially the decisions of the Biblical Commission of that time As a warning cry against hasty and superficial adaptations they remain fully justified; a person of the stature of Johann Baptist Metz has said, for example, that the anti-Modernity decisions of the Church rendered a great service in keeping her from sinking into the liberal-bourgeois world. But the details of the determinations of their contents were later superseded once they had carried out their pastoral duty at a particular moment.”
 J. Ratzinger, “Theology is not the Private Idea of Theologians,” The Wanderer August 2, 1990 (Reprinted from L’Osservatore Romano [English] July 2, 1990.