Europe is standing at a crossroads. On the one hand, it has committed to climate neutrality and strategic autonomy. On the other, its industrial competitiveness is under unprecedented strain, eroded by high energy costs, dependence on imported raw materials, and mounting global competition. The European chemical industry’s decline in recent years is a stark example of how multifaceted pressures can remove the engine from an economic powerhouse. Europe’s ability to reinvigorate it will truly underpin its resilience.