I think Silicon Europe it is about public relations.
The R&D budget is at the level of the contributing organizations. Silicon Europe is about "synchronization" of effort and about persuading politicians and the general public in Europe that micro- and nanoelectronics is strategic to the future wealth of the continent.
Once that PR battle is won larger subsidies can flow to help Europe compete against U.S. and Asia.
I feel sure the participants would argue that any such subsidies would be just "leveling the playing field" as other regions tech firms are already subsidized.
And I am equally sure regions would probably cry "foul."