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European Parliament, Council agree on Europe’s Chips Act
The European Council and the European Parliament have reached a provisional agreement to strengthen Europe’s semiconductor ecosystem, a deal designed to double the EU’s global market share in semiconductors from 10% to 20% by 2030. The agreement is projected to mobilize more than $47 billion (€43 billion) in public and private investments, with $3.6 billion (€3.3 billion) coming from the EU budget.
The agreement — which still needs to be finalized, endorsed and formally adopted — contains three main lines of action:
- The “Chips for Europe Initiative”, to support large-scale technological capacity building;
- A framework to ensure security of supply and resilience by attracting investment; and,
- A Monitoring and Crisis Response system to anticipate supply shortages and provide responses in case of crisis.
The European Commission’s proposed framework for its Chips Act was first published in February 2022 and is available here.