Semiconductors are an essential part of the microelectronics industry: these components are needed to produce computers, telecommunications systems, and motor vehicles. In 1993 the semiconductor market was worth about 86 billion dollars. At present Europe’s share of world output is declining. What is worse, the rate of cover of the European market is also down. The United States and Asia on the other hand are reinforcing their positions. In view of the capital costs involved (1 plant costs a billion dollars) it is necessary to find substantial sources of finance. The question is whether Europe will be able, drawing on the experience of its competitors, to continue its research, to invest and produce key components that are essential for industrial competitivity.