Pearse Doherty
Question:126. Deputy Pearse Doherty asked the Minister for Finance his views on the future role of the Irish Fiscal Advisory Council; and if he envisages a purpose in its ongoing existence. [24538/15]
View answerTuesday, 23 June 2015
Questions (126)
Written answers
The Irish Fiscal Advisory Council was established in 2011 as part of a wider agenda of reform of Ireland's budgetary architecture as envisaged in the Programme for Government. Following approval of the Fiscal Compact Treaty by referendum in 2012, the Irish Fiscal Advisory Council was placed on a statutory basis to fulfil the role of monitoring compliance with the fiscal rules under the Stability and Growth Pact and, following further EU reforms, subsequently given the endorsement role for the macroeconomic forecasts which underpin the Budget.
In its recent Fiscal Assessment Report, the Council have again asserted their independence and produced some interesting pieces of analysis. While it is the case that I do not always agree with the outcome of the Council's analysis, I very much value their expertise and their input as an independent voice in helping the Government to adhere to its own fiscal targets.
With regard to the future role, the Fiscal Council have a very specific remit. Any additional responsibilities which have been suggested by some recently, would interfere with or dilute its primary mandate to monitor compliance with fiscal rules and comment publicly on the Government's fiscal stance. Also, it should be noted that the expertise of the Council Members is in macroeconomic and fiscal policy which enables the Council to fulfil its role specifically as a watchdog for budgetary planning and execution.