Hankó noted that Europe’s productivity rate had stood at 95% of the United States’ in 1995, but had since fallen to 80%.

He added that the EU’s scientific output had fallen by 8% in the past decades and was now lagging behind that of China and the United States.

Of the world’s 50 biggest technology companies, just four are in the EU, he said, adding that the share of global venture capital in the EU stood at 5%, compared to the 50% in the United States.

In order to advance the competitiveness turnaround, fragmentation of research networks must be reduced, he said. Regional disparities with regard to research and development funding should be eliminated, he added, pointing out that just 8% of R&D funding went to Central Europe, while the region was home to 24% of the EU population.

Hankó held up Hungary’s higher education model as an example for the EU and said the adoption of that model had resulted in doubled numbers of PhD students and researchers and triple the volume of innovation resources.