In recent years, the European Union has embraced a more active industrial policy to boost its global competitiveness and strategic autonomy. The poster child of this shift are the Important Projects of Common European Interest (IPCEIs), which allow member states to subsidize projects in key sectors like microelectronics, batteries, or hydrogen. Since the first microelectronics IPCEI kicked off in 2018, a total of 10 IPCEIs worth a combined €37.2 in state aid and an expected €66bn in private investment have been approved by the European Commission, with more to come.

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