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.

But reality is becoming far more complicated than the…