David Cullinane (Sinn Fein) | Oireachtas source

I welcome Professor Pissarides to the House. There was something in his contribution for everybody across the political spectrum. I agree with him that austerity on its own damages the domestic economy. We all accept the need to reduce the deficit in this State and across Europe. However, the concern is that investment and growth are not receiving the political attention they require and which the austerity policies receive. There is much talk about investment and growth. What advice would Professor Pissarides give the European leaders to put practical supports in place to encourage investment in the eurozone and the member states? I refer to the unsustainable levels of debt of many European countries, including Ireland. The servicing of those debts has an impact on the domestic economy and growth. What advice would he give Ireland and Europe about the management of the unsustainable levels of debt? My main point is about the need to shift away from austerity to policies which encourage genuine investment and growth. This is the best way to get people back to work and to reduce the massive unemployment rates across the eurozone.