The EU dreams of autonomy, but is selling its future to the highest bidder.
- Joachim Vansanten
- Jul 10
- 2 min read
“You're losing.” With these harsh words, Jamie Dimon, CEO of the world's largest bank, addressed Europe today in the Financial Times. According to him, the continent is currently losing the competitive battle with the US and China.
At the same time, Trends published an opinion piece this morning by Hans Diels, geopolitical expert at Etion. His message is equally sobering. Diels states unequivocally that Europe is facing a deep strategic problem. Although Brussels loudly proclaims that we are striving for strategic autonomy and a green transition, we are allowing “our most critical industrial assets to be quietly handed over to controversial trading giants.” Diels refers to the takeover of Nyrstar by Trafigura in 2019.
I don't need to explain that Nyrstar processes five critical minerals (antimony, bismuth, tellurium, germanium, and indium) and is therefore of essential strategic importance to Europe. Nor do I need to explain that Trafigura, the commodities trader that acquired Nyrstar's assets in 2019, is internationally known for its questionable reputation. You are also aware that the takeover of Nyrstar smells fishy, to say the least: why else would the public prosecutor's office have launched a judicial investigation into the misuse of company assets following a three-year investigation by the FSMA?
We are allowing our most critical industrial assets to be quietly handed over to controversial trading giants
The question today is: what does this mean for Europe's future if we continue to stand by and watch?
Our ambitions are noble, but without decisive action, they remain nothing more than empty words on paper. If Europe wants to maintain—or regain—its strategic relevance and clout, it must dare to act. Ambitious plans, well-thought-out policy documents, and grand statements without concrete implementation are like apologizing to your dog after you step on its tail: well-intentioned, but pointless.
Those who fail to take the initiative today will no longer be able to claim a role tomorrow. The world will not wait.
automated translation by Deepl
