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…

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