President criticises ‘failed paradigm’ of past governments’ economic policies

President Michael D Higgins has hit out at the financial excesses of previous governments, adding that Ireland’s economic recovery hinges on a mix of ingenuity, social inclusion and new economic thinking.

Making his first business -related address since being elected, President Higgins opened a two-day economic conference yesterday, saying that any return to old models “will not suffice”.

Speaking at the start of the Trinity Economic Forum at Trinity College Dublin yesterday evening, he said: “We know that the present economic morass through which we are struggling didn’t come about by accident.