Film production subsidies in Europe

Not exactly on target, by economics blog Marginal Revolution has a post on EU country subsidies for film. The sum up by Tyler Cowen:

It is remarkably difficult to make movies that people in other countries wish to see, and it is not obvious that film subsidies are helping matters.

Wait a minute! Didn't Pirates of the Carribean 3 just rake in about$250 million outside the U.S. in its opening weekend in addition to the $140 million U.S. box office claims. Course Disney probably manage to finance its film without subsidies.