Europe is not good at promoting growth on the other hand. Living standards have fallen in the last 20 years.
For example 25 to 31k Euro GDP per capita for 2012-2019
Why is state intervention necessary? Because the private sector is too healthy, it's making profits but it isn't investing. The hornets are hibernating in the summer, you gotta poke the nest. If you cut taxes they are just going to hibernate even deeper.
The easiest answer is to just do helicopter money or universal basic income if you want to call it that. The better answer is to let the state invest, except the EU has failed to do so and when it did, each time the money disappeared via corruption, why even bother? So a EU UBI is our last hope.
" The better answer is to let the state invest" - it's never easy.
Or rather, the 'easiest' it can be is when you have money coming out of the ground (or water) i.e. Statoil.
Airbus is a commendable success, but in a way, it's more structurally solvable: build planes, much like the other one's but better in some ways, and supply the domestic market.
The planes are not that-that hard to build, but it requires investment and very long term planning.
With chips ... which tech? Who are the customers? Where is the business going to be in 10 years? Can the EU do things to require/guarantee income for the project?
It's for the same reason the EU hasn't invested to create the next FAANG either.
That said - I'm surprised they haven't tried with some things like Netflix, AirBnB and Uber, which have tremendous individual and cultural impact and are not necessarily difficult in terms of tech.