To be an efficient location for semiconductor fabrication requires much more of the consumer electronics manufacturing supply chain to be based in Europe. For

To be an efficient location for semiconductor fabrication requires much more of the consumer electronics manufacturing supply chain to be based in Europe. For that to happen, Europe needs a more efficient setup for capital. Heavy labor regulations, and high levels of taxation to fund centrally administered social service providers, leads to low returns on capital, and makes Europe less competitive than it otherwise would be in high-tech manufacturing.