Yes, the EU has no significant tech industry of its own. They only regulate and fine foreign tech.
it's time for the EU to contribute, but they made it impossible for a tech industry to exist with all the regulations.
It seems like the only thing we will get out of the EU in this AI age is AI Acts and regulation. The EU cannot give us a good model to use, but they can regulate models created by others, and they don't realize that the regulation is why EU-based labs cannot produce good models.