Europe spent years allowing refining and petrochemical capacity to decline under pressure from high energy costs, carbon policies and weak investment. Now geopolitical disruptions in Russia and the Middle East are tightening global feedstock and chemical supplies. With less domestic capacity available to absorb shocks, Europe has become increasingly dependent on imports, exposing how industrial policy can amplify an external supply crisis.
Personal Remarks
“Perhaps Europe would be better off keeping Commission officials in the cafeteria than letting them anywhere near industrial policy”
Eni Versalis, sheriff at La Discoteca, the Berlaymont cafeteria.