Maybe not the kind of progress or initiative that gets headlines, but neither is it trying to push as far as what Intel has been trying to do for the past few years.
This means you're getting the lowest industry margins, meaning less profits, less money for R&D, less wages and also less geopolitical leverage. This is nothing to celebrate but should be an alarm clock for our elected leader to wake the f up.
A lot of semi research is done in the EU, like at IMEC in Belgium, but few of it ends up commercialized by EU companies, so EU taxpayer money gets spent but other nations get to reap the rewards.
Edit to answer @ looofooo0: EUV tech comes from Sandia Labs research that ASML licensed, and the EUV light sources (there's no such thing as an EUV laser, the Trmpf is a regular laser firing into tin droplets for EUV generation) are made by Cymer in the US which ASML integrates them into their stepper which is a relative commodity item in comparison to the light-source.
Moreover, most of the tech stems from the European-funded EUCLIDES (Extreme UV Concept Lithography Development System) project.
ASML is massive, no?
Maybe some things shouldn't be about bragging but about getting the job done, and cutting edge isn't the only way to do it. If anything, the problem here isn't that it's "just" 16nm but that the EU isn't developing a end-to-end (research to manufacturing) true home grown industry and still relies a lot on external partners like Intel to do it from the outside.
But a good first step to develop enough talent locally that can later flow into domestic alternatives.
Be interesting to see if there's integration with research environments within the EU.. otherwise it could fizzle in terms of it's true potential positive impact.