President Michael D Higgins has warned about an unregulated global economy where vulture funds can usurp democracy.

The President was also critical of the European Central Bank's "extraordinary structure" and said there was a real problem with the European Commission's connection with people on the street. In an interview on TV3's Agenda programme, he alluded to several forces and phenomena that might pose a threat to democracy and democratic values.

He said it was difficult to relieve people from poverty, have decent employment prospects, and have people living with a sense of security when there were unaccountable forces. “The question that arises is where do you stand in relation to the idea of having unrestrained unaccountable vulture funds that affect the welfare of your people?” he asked.

Turning to the European Union he said cohesion had gone blind, and expressed concern about the high level of unemployment, especially among younger people.

“If you are in favour of a social market you need to put all your emphasis on social cohesion,” he said.