ASML: a sign of the failure of the European Chips Act
Rarely has a single figure so aptly summed up the difficulties of European industrial policy. In the second quarter of 2026, Europe accounted for 0 per cent of ASML’s system sales. “ We are selling absolutely nothing in Europe ,” Frank Heemskerk, executive vice-president of the Dutch group, has just observed. His explanation is just as straightforward: “It’s because Europe isn’t investing and no semiconductor… factories are being built there . ” This observation comes at an inopportune time for the Chips Act. Driven by Thierry Breton and adopted in 2023 following the semiconductor shortages, the regulation was specifically intended to “ reduce dependencies ” and “ strengthen the Union’s digital sovereignty ”. Brussels had set itself a spectacular target: to double Europe’s share of the global semiconductor market to…