Paul Murphy (Dublin South West, Socialist Party) | Oireachtas source

That is more or less what I was getting at, namely, lack of demand for a variety of reasons, but central to it being unemployment and also wage depression over a period of time, and the race to the bottom that exists within the eurozone in particular, on which Germany was first out of the blocks. We see it in terms of the contradiction between the core and the periphery of the eurozone at the moment.

If a primary driver of deflation is wage depression, as well as other factors, how can increasing the money supply necessarily have a very significant impact on addressing those deflationary pressures?