Michael Wallace is an Irish politician and former property developer who has been a Member of the European Parliament (MEP) from Ireland for the South constituency since July 2019. He is a member of Independents 4 Change, part of The Left in the European Parliament – GUE/NGL. He was a Teachta Dála (TD) for the Wexford constituency from 2011 to 2019.

The post-2008 Irish economic downturn in the Republic of Ireland, coincided with a series of banking scandals, followed the 1990s and 2000s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the early 2000s. An initial slowdown in economic growth amid the international financial crisis of 2007–2008 greatly intensified in late 2008 and the country fell into recession for the first time since the 1980s. Emigration, as well as unemployment, escalated to levels not seen since that decade.