
Tobacco, Regulation, and the Future of Choice in Europe
The European tobacco industry stands at a crossroads. On the one hand, it continues to provide governments with a stable and predictable revenue stream—second only to income tax in Germany, and accounting for up to 5 per cent of annual budgets in countries such as Romania and Poland. On the other, the industry faces mounting political exclusion, regulatory mistrust, and a growing push for prohibitionist approaches that risk undermining both innovation and consumer choice.