The question being posed in economic policy circles at the moment.
Will the recession that we’re now facing be a V, steep down and bounce back up; a U, sharply down then bottoming out before eventually heading up again; or an L, down fast and open ended.
The thing is that no-one knows what it will be like.
There is even talk of a depression, as opposed to a recession. With the Irish economy predicted to contract by 7.1 percent, things are certainly looking bleak.
