Can someone explain to me why the knowhow that European companies like ASML have can't be used to build these foundries. Why do they need Intel or TSMC?
I would guess there's a lot more know-how necessary to building an efficient fab than just the photolithography machines.
It's a shame really that most manufacturing of western (EU, US, most ex-soviet states) has been moved to the asian markets. Bert Hubert did a good article about this and the telecom industry a while ago[0].
We see this behaviour all throughout the western world, where we shift money around "creating value" without actually producing anything of note.