Nick Clegg, the deputy prime minister, has called for a big shakeup of the "ludicrous" press regulation in the wake of the phone-hacking scandal, including toughening the law against the unlawful use of personal data.

He said the Press Complaints Commission had "failed as an effective watchdog" and that it was "time for fundamental reform".

In a speech to the Institute for Government, he said it was vital to have public engagement on the topic even if "the pessimists have a point" when they say it is the political class who failed to stand up to the media.

He has stressed he is not calling for statutory regulation and believes if "we get the ball rolling while the demand for change is still strong, we can rebuild the confidence in our major institutions that, this week, has been so badly knocked. And we can make sure this never, ever happens again."

To kickstart the debate, here are six questions that go to heart of the matter. What do you think?

Please comment below or add your own questions.

1. Would a beefed-up self-regulatory body work or does the press need an Ofcom-style statutory regulation?

2. How do you draw the line between, to use Nick Clegg's words, "public interest" and "vulgar voyeurism"?

3. Should individual journalists as well as organisations face penalties for errors, inaccuracies or ethical breaches?

4.Should the regulator be able to impose fines (even if a newspaper loses money, as many do)?

5. Should data abuse carry a prison sentence to prevent police, medical professionals and phone companies from selling information to the press and should journalists be sanctioned if they are in receipt of personal data?

6. Can the freedom of the press be protected with statutory regulation?

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