I don't think the point is to create new giants, but rather to coordinate smaller players' efforts against the old giants. Obviously, there would have to be innovation taking place for that to happen, but it doesn't seem to be a goal on it's own.

Does anyone know much are European businesses paying for US and Chinese cloud services per year? If we can pay 10B€ in order to move 20B€ of spending back into the EU then I'm all for it, no matter if we innovate or just subsidize existing providers.