Even if Europe could replace the dependence of Intel and AMD processor, for example with home grown RISC-V processor, where in Europe could such processor be manufacture in a secure and somehow cost effective way? Then there are other chips and components like memory chips, network components. How about secure European network routers which for networks and datacenters in Europe?
https://www.techspot.com/news/107073-researchers-uncover-hid...
Silicon level backdoors.
https://www.wired.com/2016/06/demonically-clever-backdoor-hi...