> What is the value of the EU if's it not coordinating multi-national scale efforts?

Remember the EU is just a fancy self-updating free trade agreement, not a nation.

The coordination that the member states have thus far allowed the EU to take responsibility for is ~ "make all our rules be equivalent so everyone's degrees are accepted everywhere, everyone's food is accepted everywhere, we all agree what counts as a safe consumer product, limited range for tax shenanigans, etc."

(And for this, they get denounced as "complex" and "bureaucratic").

Actual direct investments do also exist, I just missed out on one for startups 20 years back apparently due to a rules change, but it's peanuts compared to what member state governments do directly.