Europe’s Industrial Future Is Not Where Most People Think It Is

For the past several years, Europe’s industrial debate has been dominated by a single word: decline. Factories are closing. Energy prices remain structurally higher than in competing regions. Germany’s industrial machine is under pressure.

Steel, chemicals, fertilizers, and other energy-intensive sectors continue to struggle with the aftershocks of the gas crisis triggered by Russia’s invasion of Ukraine. The conclusion often seems self-evident: Europe is deindustrializing.