Professor Terrence McDonough:

No, I certainly would not define it in a word. In terms of addressing this economic situation, I would examine the origins of the problem and the solution that might be achievable. In the short to medium term, we would need to replace stagnant wages with rising wages, sluggish private investment with increased public investment, a hollowed out neoliberal State with a more active State, and unregulated private finance with public banking. The euro without a transfer union needs to be a euro with a transfer union or we need to find a way of mutually exiting this particular straitjacket. We have a dysfunctional ECB and we need a functional one.

In Ireland we need redistribution, a debt write-down and higher tax take.