Because of the global semiconductor shortage, the EU Commission wants to monitor supply chains more closely in the future. The Brussels-based authority presented the corresponding “European Chips Act” on Tuesday. It provides for the creation of a new task force with representatives from the Commission, member states, and industry. The coordination mechanism is to gather “key intelligence from companies to map primary weaknesses and bottlenecks,” the EU Commission announced. The panel is to monitor market trends to identify potential supply bottlenecks as early as possible. In the event of crises and emergencies, the Commission is to be granted far-reaching intervention rights. Among other things, the legislation provides for export controls, such as those introduced by the EU for COVID-19 vaccines.
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