Industrial Policy Saved Europe’s Vaccine Drive

In March, Europe’s vaccine procurement was the world’s laughingstock. The Europeans were far behind the Americans, the British, and the Israelis in obtaining vaccines and administering them to citizens. But now, the critics are silent. European countries are vaccinating in record numbers, all more or less at the same pace.

Europe caught up fast because it completely turned around the way it does business in the health sector. It used to be an open system, where goods and services flowed in and out freely; it is now more controlled and more European. By setting up a real industrial policy, and investing in it, Europeans managed to guarantee a steady supply of vaccines. The idea that an industrial policy helps, long taboo in Europe, is now here to stay—and not just for vaccines.

When AstraZeneca announced in January that it could deliver only a third of its promised doses in the first quarter of 2021, the European Commission got