That will not work long-term. When prices are high for a long time, it becomes more and more attractive for governments to start their own foundries for economic and strategic reasons. And while that is not easy, China is on its way, ASML and Zeiss actually are European companies, and no one starts at zero because there are a ton of patents which already expired or expire soon.
A fully industrialized nation which really wants to make chips can make chips. Making the best chips is pretty darn hard, but making the chips from a few years ago is doable for China and the US right now, and the EU in ten years.
On a bloc level it makes sense to have your own foundries independent of foreign influence just for military and infrastructure reasons alone.