Dutch Minister: Europe must bet on tech and a true single market

The Dutch Minister of Economic Affairs Vincent Karremans drew a sharp contrast between the economic trajectories of the United States and Europe, warning that Europe’s future prosperity hinges on technology and deeper market integration. He spoke today at the launch of the Eindhoven university’s new institute for chips and high-tech systems.

“Back in 2000, the world’s most valuable companies were about half European and half American. Today, the list is almost exclusively American,” Karremans told his audience in Eindhoven. “The most valuable European company, ASML, only comes in at number 29.”

That shift, he argued, has weakened Europe’s hand on the global stage. He recalled last summer’s trade negotiations between the EU and the U.S., where Washington imposed tariffs on European goods. “It was like a poker game,” Karremans said. “President Trump was holding two aces, while President von der Leyen had an eight and a two. You can’t win with that hand. Especially when your opponent knows your cards.”

Tech and the single market

The minister pointed to two root causes: Europe’s fragmented single market and its lag in high tech. As a former entrepreneur, he described expanding into other EU countries as “a complete and utter nightmare,” a problem he said still hampers thousands of businesses. “It doesn’t just frustrate entrepreneurs; it slows down economic growth. And society pays the price, because government revenues that fund science, education, and healthcare depend on thriving businesses.”

Technology, and semiconductors in particular, was the second pillar of his message. Karremans noted that the five most valuable U.S. firms (Nvidia, Microsoft, Apple, Google, and Amazon) are all tech companies built on semiconductor innovations. Europe, meanwhile, remains largely a customer. “ASML tells me that less than three percent of their sales go to European clients,” he said. “If you want an example of dependency, there it is.”

To change course, Karremans highlighted the launch of the European Semiconductor Coalition, backed by all 27 EU member states, and the handover of a joint semiconductor declaration to the European Commission. “That unity is unique,” he stressed. “Everyone sees the urgency now. We don’t just need a Beethoven Project for Eindhoven, we need a Beethoven for Dresden, Milan, Paris, Prague - you name it.”

The Netherlands will also contribute nearly €250 million to semiconductor innovation through a European program, announced at Prinsjesdag. The minister concluded by linking these investments to Eindhoven’s new Future Chips and High-Tech Systems Institute. “Future chips mean future economy,” he said. “This is our golden ticket to growth.”