On July 25th, the European Council (EC) approved the Chips Act which aims to create the conditions for development of a European industrial base in the field of semiconductors, attract investment, promote research and innovation, and prepare Europe for any future chip supply crisis.
The Chips Act
The Chips Act was Europe’s reaction to its perceived overdependence on foreign-produced chips which became apparent during the shortage crisis that was precipitated by the COVID-19 pandemic. Since then, there have been several semiconductor expansion announcements in Europe.
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