Nagy pressed for a new approach to industrial policy and state support at the meeting, one targeted at branches of industry or even specific products, instead of blanket support for the green and digital transitions. Targeting support in the right way could ensure spending is effective, he argued.
He also urged the EU to "keep step" with the United States and China which are ploughing significant budget resources into support for their own industries, adding that a return to Maastricht rules on fiscal deficits would restrict budget resources in Europe.
He said development banks, commercial banks, capital markets and even central banks could play important roles in financing competitiveness in the future.
Nagy said connectivity, not bloc-forming, should be the aim of Europe as it is not in a leading position in new, technology-driven branches of industry. "In the global competition, Eastern and Western capital must meet, which doesn't mean dependence, but connection," he added.
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