Why doesn't it already have "tech" and has to resort to governmental action to procure one? I mean, it is obviously very easy to acquire just "tech" without government completely failing to enforce laws and population being fucked by corporations, and it is a testament to how dumb Americans really are that they failed to do that. But Europeans are not dumb, so why they didn't do it by now? Why we are discussing the matter now instead of just pointing to clearly superior open-standard non-fucking European "just tech" as a superior alternative to American "big tech"?

If you walk into a bank in Europe and have some money to invest they will sell you mostly debt and the "Magnificent Seven" or a funds with those stocks inside.

The EU is ridiculous when it says it want to built an alternative because it's entire financial/banking system end up fueling the saving of its citizen into those companies.

This is also why we end up in that absurd situation where the Mag 7 make up 1/3 of the S&P 500 market cap.

If the EU is serious about offering an alternative (which I doubt) it needs to offer a sustainable path for its people to invest in it. Not do another fake program where insiders will grab some public money and get nowhere (it has been tried for 25 years).

As for GDP, EU overall GDP is only slightly less than US GDP, so it could very well sustain the industry of comparable size. Per capita GDP is indeed lower, but I'm not sure how that precludes creation of something like Eurobook.