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Minister for Finance (Deputy Michael Noonan)

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Snippet Contents:

I announced the establishment of the Irish Fiscal Advisory Council on 7 July 2011. Since that date the Irish Fiscal Advisory Council has been paid a total of €772,881 as follows: €222,008 for 2011, €408,920 for 2012 and €141,953 so far for 2013. The role of the Council is to provide an assessment of, and comment publicly on, whether the Government is meeting its own stated budgetary targets and objectives. It is also charged with assessing the appropriateness and soundness of the Government’s fiscal stance and macroeconomic projections as well as an assessment of the extent of compliance with the Government’s fiscal rules.
To date the Fiscal Council has published four Fiscal Assessment Reports which have been very useful and a welcome input in advance of further budgetary decisions. Their advice continues to inform Government thinking in the development of fiscal policy. The Council is an important element in the reforms we are making to improve Ireland's fiscal framework. Furthermore, the reports of the Council have helped to open up new avenues for a wider discussion on fiscal policy and performance.
A detailed written response to the Fiscal Assessment Report will be included in the Stability Programme Update, and previously was contained in the Budget. However, as I have said before, the real response to the recommendations of the fiscal council is not the words used in a particular report but the policy action the Government is prepared to take arising from the recommendations.