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European Union Agrees To Multi-Billion-Euro Semiconductor Plan

EU

The European Union has unanimously agreed to a 45-billion-euro plan to boost the production of semiconductors.

  • EU ministers will meet on December 1 to formally approve the plan before debate in front of the European Parliament next year.
  • According to Reuters, "Europe's share of chip production stands at 8%, down from 24% in 2000."
  • If approved, the legislation will mirror the US CHIPS and Science Act, which passed Congress this summer, and earmarks USD$52 billion to stimulate domestic semiconductor production.
  • Bloomberg: "The deal was backed Wednesday by EU ambassadors... It would expand the scope of what chip plants are considered “first-of-a-kind” and qualify for state aid, but stops short of allowing all automotive chips to qualify for funds, which some countries had demanded earlier this fall."
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