Made in Europe: A fractured dream

In just over four years, Europe has faced two major energy price shocks: first after Russia’s invasion of Ukraine, and now following disruption in the Strait of Hormuz. The latest episode has once again exposed the structural vulnerability of Europe’s energy supply chain to external shocks. In response, policymakers have renewed calls for faster electrification and the reshoring of strategic supply chains to reduce dependence on foreign energy and clean-technology imports.