ASML, Europe’s leading technology company, recently criticized the European Union’s economic security efforts using a football analogy to highlight its assessment. Wouter Baljon, the company’s top EU lobbyist, indicated that the EU is struggling to perform at the level of the Champions League, particularly in high technology. He emphasized that compared to leading economic powers like the United States, China, and Japan, the EU is currently at best competing at the Europa League level, below other prominent players such as South Korea and Taiwan in their industry. ASML, valued at US$285 billion and a key player in chipmaking equipment, experienced challenges due to the fierce US-China tech war, being forced to halt sales to Chinese buyers under pressure from the Biden administration.
Baljon criticized the EU's approach, stating that the EU seems to overlook the use of export controls as an industrial policy instrument and remains disconnected from the reality of the current geopolitical landscape. He expressed doubts regarding the EU’s ability to define an effective economic security strategy without the strong support of influential member states. Moreover, Baljon highlighted the need for a more humble and collective approach from the EU, particularly in the high technology sector, emphasizing the EU's status as a challenger rather than an incumbent.
The EU's plan to present an initiative on screening outbound investments and a proposal on export controls, part of a broader set of tools aimed at reducing dependencies on China, has faced criticism from various business representatives at a recent event. Critics voiced concerns over the excessive regulation and public intervention in supply chains, warning that prioritizing security over economic growth could jeopardize the EU's competitiveness. Additionally, the war in Ukraine was noted as having created a new consensus among the business community regarding the security issues Europe faces, prompting the need for a balanced approach that addresses both security and competitiveness concerns.
