This article aims to provide a review about how the shift in economic strategy, partly in the wake of the COVID-19 pandemic, is reflected in the European Union’s new industrial strategy and to examine the elements of this discourse in the EU’s 2020 crisis management.
In addition to the analisys of the EU crisis response, we are going tot o analyze the crisis management of Germany and Italy, the two largest industries in the European Union. The significance of the separate examination of these two countries is given by the fact that Koppány’s (2020) calculations of the world model of supply and demand-driven input-output show that the performance of the Hungarian economy is the most sensitive to the turbulence of the German and Italian economies (Koppány ).
The study will examine how the European Union and its two largest industrial powers have reacted to the epidemic in 2020 and will try to identify elements of the new trends observed internationally in the wake of the COVID-19 epidemic (appreciation of security of supply and national security, recognition of the importance of domestic production capacities, digitization, sustainability etc.).
We will put special emphasys to report and examine the measures aimed at the SMEs, due to their key role in the regionalization and sustainability goals of the EU industrial strategy and economy in general.