Peter Wennink, the former CEO of ASML Holding N.V., has urged the creation of a national welfare agreement in the Netherlands to secure long-term economic prosperity. Speaking at the EW Economics Lecture in Amsterdam, Wennink emphasized the need for social partners and politicians to collaborate on tough decisions amid political challenges.

ASML, a global leader in semiconductor lithography equipment based in Veldhoven, Netherlands, has been a cornerstone of the Dutch economy under Wennink's leadership from 2013 to 2024. The company boasts a market capitalization of nearly €491 billion and trades at €1,112 per share, with analysts maintaining an Outperform consensus and a €1,600 average target price, according to company profile data.

In a report commissioned by the government titled 'The Route to Future Prosperity,' Wennink outlined recommendations to achieve annual economic growth of 1.5% to 2%. He argued this pace is essential to cover rising costs in healthcare, climate measures, energy, and defense, potentially rising to 2% to buffer geopolitical shocks like those in the Middle East. Telegraaf reports that current cabinet projections fall short of these ambitions.

Wennink criticized the minority government's plans as insufficiently bold. For instance, his proposal for a National Investment Bank with €10-20 billion in starting capital was scaled back to a €3-5 billion National Investment Institution. He believes such investments would pay off over time but noted politicians' tendency to delay difficult choices.

Drawing a parallel to the 1982 Wassenaar Accord—which paired wage restraint with shorter working hours to revive the economy—Wennink called for a similar broad consensus to chart the course for the next 10-20 years. However, unions have resisted recent government moves on social security reforms, including raising the retirement age, signaling hurdles to agreement.

This push comes as the Netherlands grapples with slower projected growth under the current administration. For a tech powerhouse like ASML, operating in a capital-intensive sector vulnerable to global supply chains, sustained national investment and stability could provide a supportive backdrop, though execution remains uncertain.