EU plans 'Chips Act' to promote self-sufficiency

A global shortage of computer chips has crippled makers of cars and other goods.

Now the European Union has plans to help its own manufacturers.

On Wednesday (September 15) the bloc set out plans for a 'Chips Act'.

It's intended to make the EU self-sufficient in semiconductor supplies.

In a major policy speech to the European Parliament in Strasbourg, Commission President Ursula von der Leyen called digital the 'make or break issue'.

The EU move comes after Washington last year set out its 'CHIPS for America Act', with similar goals.

European industry commissioner Thierry Breton says the EU measure will cover research, production and international cooperation.

He says the bloc should look into setting up a dedicated chips fund.

But the EU faces some big obstacles in raising its output, including getting access to critical rare earth minerals that are mined overseas.

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