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Oral explanations of vote

听听Clare Daly (The Left). 鈥� Mr President, for all of the bravado about the vibrant European industry, the Chips Act actually is just another example of Europe鈥檚 scrambling to respond to unilateral US moves to protect its interests 鈥� something the US always does with zero care for the consequences of anybody else.

And the irony, of course, is that of all of those US-dominated multilateral institutions 鈥� the WTO, the World Bank and so on 鈥� is that even dominance is not enough for them. They want everybody else to submit their rules while they do whatever they like, thanks very much. It鈥檚 their world and we鈥檙e just lucky to live in it. That鈥檚 the rules-based international order. They break the rules, and what are we going to do about it?

Well, in Europe鈥檚 case, we don鈥檛 even pretend to try and do anything about it anymore. We sheepishly submit to 鈥榟is master鈥檚 voice鈥�, lob a few billion subsidies at European capitalists to keep them quiet, and hope that the public money does not run out before the US ends and stops its mad quest to shove China into a box and lock it there. Because that is not going to happen. And it鈥檚 about time Europe got itself out from under the coat-tails of our misnamed like-minded partner.

听听Mick Wallace (The Left). 鈥� Mr President, the EU Chips Act will involve a massive transfer of public subsidies to private corporations without a guaranteed fair return on investment for society or conditionalities on public funding. Industrial policy can work to improve livelihoods and benefit the population, but this Act won鈥檛 do that.

Additionally, there is a threat that this will lead to a further move away from trade with China. There is a global struggle for control of chip manufacturing, with export controls on US chips to China and a retaliatory restriction on the export of raw materials from China to the US. Our biases here have been exposed by the fact that the Commission has flagged the Chinese export conditions as potential violations of the so-called rules-based international order, while no such accusations have been levelled at the US. And, as my colleague said, these rules-based international orders are something the US make up as they go along 鈥� sadly, with our support.

The EU Chips Act thankfully does not go down the US path of hitting China with export controls, though the text leaves room for this possibility in the future. In all of this, it鈥檚 vital that the EU forges an independent path. An eye for an eye only leaves everyone blind.

And just one word to the Commissioner: I want to compliment the Commissioner on all the work he has done on trying to get nature restoration across the line against the absolute madness of what鈥檚 gone on in this House for months. Fair play to you, because it has been crazy!