About the Council

The Fiscal Council is an independent statutory body that acts as Ireland’s budgetary watchdog.

Its purpose is to provide an independent assessment of various aspects of Irish budgetary policy.

It comprises a five-member part-time Council and a full-time staff or “Secretariat” that supports its work.

The Council
The Secretariat – the Council’s full-time staff
How members are appointed

Our mandate
Funding
Governance

More information on what Fiscal Councils do
External Reviews
Freedom of Information
Correspondence to the Minister for Finance
Official responses to our reports
Minutes of meetings
Parliamentary questions
Oireachtas engagements
Prompt payments requirements

The Council

The Council’s current membership consists of:

Seamus Coffey is a lecturer in the Department of Economics in University College Cork. His research and writing focuses on the performance of the Irish economy and the public finances. Seamus was a member of the Irish Fiscal Advisory Council from 2016 and was Chair of the Council from January 2017 until December 2019. In October 2016, Seamus was appointed the independent expert by the Minister for Finance to undertake a review of Ireland’s Corporation Tax code. He served on the Commission on Pensions which published its report in October 2021. He is also a member of The National Economic and Social Council, the external advisory board to the Irish Governmental Economic Evaluation Service, and is the current president of the Irish Economic Association. Seamus is a sometime contributor to print, broadcast and online media relating to the Irish economy including fiscal outcomes, corporation tax, household debt, national accounts and other economic issues. Mr. Coffey’s term of office as a member of the Council began on 22 August 2024 and runs for an initial four-year term, with the possibility of reappointment for up to two further four-year terms. His appointment as Chair began on 23 August 2024.

Prof Michael McMahon is a Macroeconomist and is currently a Professor of Macroeconomics at the University of Oxford and Senior Research Fellow of St Hugh’s College. He is a research fellow of the Centre Economic Policy Research (CEPR), Deputy Director of the Nuffield Centre for Applied Macroeconomic Policy (NUCAMP) and Director for Impact at CAGE, Warwick. He previously worked at the Bank of England where for three years he was a euro-area economist doing both analytical and forecasting work. During this time, he served as one of the UK’s two representatives on the European Commission’s Experts Group on Economic Forecasting. He has also worked for the IMF’s Institute for Capacity Development in Singapore. His initial term of appointment to the Irish Fiscal Advisory Council was 4 years effective 18 April 2019. He was reappointed for a second 4 year term effective 18 April 2023. In December 2020, the Council appointed Michael as Vice-Chairperson to the Fiscal Council. In July 2023, the Minister for Finance appointed Michael as Acting Chairperson to the Fiscal Council. He remained in this role until August 2024.

Dr Adele Bergin is an Associate Research Professor at the Economic and Social Research Institute, where she is a joint research area coordinator for macroeconomics. She is an adjunct Professor at the Department of Economics in Trinity College Dublin and a Research Fellow with the Institute for the Study of Labor (IZA) in Bonn, Germany. She holds a Ph.D. in Economics from NUI Maynooth, a Masters of Science (Economics and Econometrics) from the University of Bristol and a B.A. (Economics) from Trinity College Dublin. Dr. Bergin was a Council Member of the Irish Economic Association from 2014 to 2020 and is the Policy Section Editor for the Economic and Social Review. Her initial term of appointment to the Irish Fiscal Advisory Council was 4 years effective 1 January 2021. She was reappointed for a second 4 year term effective 1 January 2025.

Mr Alessandro Giustiniani, an Italian national, is a former staff member of the International Monetary Fund (IMF) where he was most recently the lead country desk economist for Ireland responsible for developing the macroeconomic framework and the analysis of the sustainability of public debt. Previously, he was a senior staff member in the IMF’s Monetary and Capital Markets Department and the in the Western Hemisphere Department. Prior to joining the IMF staff, he served as Senior Advisor to Italy’s Executive Director at the IMF’s Executive Board and as a Division Chief in the Research Department of the Bank of Italy. Mr. Giustiniani has published widely on issues relating to exchange rates, international macroeconomics, and banking. He is a graduate of the University of Rome, “La Sapienza” and of the Graduate Institute of International and Development Studies of Geneva. His initial term of appointment to the Irish Fiscal Advisory Council was 4 years effective 1 January 2021. He was reappointed for a second 4 year term effective 1 January 2025.

Prof. Stephen Millard is the Deputy Director of Macroeconomic Modelling and Forecasting at the National Institute of Economic and Social Research in the United Kingdom. He has been a Visiting Professor at the Durham University Business School since 2011 and at the University of Portsmouth since October 2021. Stephen previously worked at the Bank of England. His research interests include inflation dynamics, the labour market, monetary and macroprudential policy. Stephen has a PhD from Northwestern University, where he studied with the late Nobel Laureate Dale Mortensen. His appointment is effective from June 17th 2024.

The Minister for Finance appoints members based on their experience and competence in domestic and international macroeconomic and fiscal matters.

For further details on how appointments to the are made and how long they last, click here.

Former Members

The Secretariat

This is the Council’s full-time Secretariat, which supports the work of the Council.

Eddie Casey is Chief Economist and Head of Secretariat. He was on a staff loan to the OECD from December 2023 to August 2024. He was seconded to the Council in 2013 and joined as a Senior Economist in 2014. He was previously employed as an Economist in the NTMA and as a Research Assistant in the ESRI and Central Bank of Ireland. His research has primarily focused on macroeconomic analysis/forecasting. Eddie holds a PhD in Macroeconomics from University College Dublin, and first-class honours degrees in M.Sc. Financial Economics and B.A. Economics from University College Cork.

Niall Conroy is a Senior Economist at the Irish Fiscal Advisory Council. From December 2023 to August 2024, he was Acting Chief Economist and Head of Secretariat. He joined the Secretariat as a Senior Economist in 2015. Prior to joining the Secretariat in November 2015, he worked at the Economic and Social Research Institute, where his work focused on macroeconomic modelling and forecasting. Niall holds first class honours degrees in M.A. (Economics) and B.A. (Economics and Mathematical Studies) from UCD.

Killian Carroll is a Senior Economist at the Irish Fiscal Advisory Council. He joined the Secretariat as an Economist in September 2018. He holds first class honours degrees in MSc. Quantitative Economics from University College Dublin and BSc. Economics and Mathematical Sciences from University of Limerick. He has previously worked as a Risk Analyst at FundRock Management Company S.A. in Luxembourg.

Brian Cronin joined the Secretariat as an Economist in November 2022. He holds first class honours degrees in MSc. Economics and Policy Analysis from University of Limerick and BSc International Business with French from University College Cork. He previously worked as an economic consultant with EY.

Karen Bonner is the Administrator and Secretary to the Fiscal Council. Karen joined the Secretariat in November 2018 having spent the past 14 years working for a Statutory & Regulatory Body, the Veterinary Council of Ireland (VCI) as Office Manager and Secretary to both its Audit, Risk & Finance Committee and Fitness to Practise Committee. Karen holds a Bachelor of Business (Hons) in Management from the Institute of Technology Carlow, and a Professional Certificate in Regulatory Affairs.

How members are appointed

How Council members are appointed and their term lengths is set out in the Fiscal Responsibility Act 2012.

The appointments comply with the Public Appointments Service process set out in the Guidelines on Appointments to State Boards.

Members are appointed by the Minister for Finance based on their experience and competence in domestic and international macroeconomic and fiscal matters. The Council tends to have an international dimension with some members based outside of Ireland.

In practice, when a Council position is set to become available, there is a call for applications. A selection committee is then formed, consisting of four to five members: one or two representatives from the Public Appointments Service, a representative from the Department of Finance, the Council Chair and an external stakeholder. The selection committee reviews the applicants and draws up a shortlist of three candidates. The Minister for Finance then appoints from the shortlisted
candidates.

The initial appointments to the Council were made on a staggered basis with terms of office ranging from two to four years. Thereafter the standard term of office was for four years.

From 16 December 2020, Council members can serve no more than three consecutive terms but are eligible for reappointment at a later time.

Council members may resign at any time during their term of office by official letter submitted to the Minister for Finance.

The Minister may terminate appointments in certain circumstances provided a resolution stating the grounds for such is passed by Dáil Éireann. The Council’s governing legislation sets out the circumstances where this may happen.

Our Mandate

Our four-part mandate is summarised in the following graphic:

Independent Economic Analysis: Assess official budgetary forecasts; Assess/endorse official macroeconomic forecasts; Monitor compliance with fiscal rules; Assess fiscal stance

To assess and endorse, as we consider appropriate, the macroeconomic forecasts prepared by the Department of Finance on which the autumn Budget and spring Stability Programme Update are based.
To assess the official budgetary forecasts produced by the Department of Finance.
To assess whether the fiscal stance of the Government is conducive to prudent economic and budgetary management, with reference to the EU Stability and Growth Pact (SGP). The SGP is a rule-based framework that aims to coordinate national fiscal policies in the economic and monetary union.
To monitor and assess compliance with the budgetary rule as set out in the Fiscal Responsibility Act. The budgetary rule requires that the Government’s budget is in surplus or in balance, or is moving at a satisfactory pace towards that position. The Council is also required to assess whether any non-compliance with the Budgetary rule is a result of “exceptional circumstances”. This could mean a severe economic downturn and/or an unusual event outside the control of Government which may have a major impact on the budgetary position.

The Acts ensure the independence of the Council in the operation of its functions.

Our Output

The Council produces regular analysis and reports that support the fulfilment of its mandate. These include the twice yearly Fiscal Assessment Reports, its Pre-Budget Statements, and its Long-term Sustainability Report.

To support the Council’s delivery of its mandate, the Council also produces occasional research and other analytical work on the Irish economy, macroeconomic forecasting, and fiscal policy.

Funding

The Irish Fiscal Advisory Council is funded from the Central Fund. The Council’s governing legislation, the Fiscal Responsibility Act, sets out the terms of this funding. Annual budgets are subject to a ceiling of €800,000, adjusted by the annual percentage change in the Harmonised Index of Consumer Prices. The Council determines its budget within this ceiling.

Governance

The Irish Fiscal Advisory Council is a statutory body governed by the legislation of the Fiscal Responsibility Act. The Council operates according to public sector regulations and practices.

Other Fiscal Councils

Ireland has two independent fiscal institutions. The other is the Parliamentary Budget Office, which, in contrast to the Council, is specifically focused on assisting the Houses of the Oireachtas and their Committees with analysis and advice on macroeconomic and fiscal developments and the financial implications of budgetary proposals. For more information on the PBO and to access their publications see www.oireachtas.ie/pbo.

There are also a large number of independent fiscal institutions internationally.

External Reviews of the Irish Fiscal Advisory Council

The Council has had two independent evaluations of its output.

OECD Review (2021)
This review was conducted by an expert team led by the OECD. The project was funded by the European Union, and implemented by the OECD in cooperation with the European Commission’s Directorate General for Structural Reform Support (DG REFORM). The review was informed by virtual visits for stakeholder interviews in summer 2020 and the final report was published in February 2021.

Independent peer review (2015)
appointed an independent peer review group to provide an independent evaluation of the Fiscal Council’s outputs in line with the Fiscal Council’s Strategic Plan 2014–2016. The panel’s final report was submitted to the Fiscal Council and sent by the Council to the Minister for Finance and to the Oireachtas Joint Committee on Finance and Public Expenditure and Reform.

How is the Irish Fiscal Advisory Council Performing? An Independent Evaluation of the First Years of IFAC.

More information on what Fiscal Councils do

What should fiscal councils do?
—paper by Lars Calmfors, Stockholm University and Swedish Fiscal Policy Council and Simon Wren-Lewis, Oxford University.
The Office for Budget Responsibility: can we make a difference?
—Robert Chote, Chairman, Office for Budget Responsibility. Ken Dixon Lecture, University of York, 13 June 2011.

Freedom of Information

The Irish Fiscal Advisory Council is a prescribed body under the Freedom of Information (FOI) Acts 1997, 2003, and 2014. FOI establishes three statutory rights:

The right to access official records held by Government Departments or other public bodies listed in the Act;
A right for each person to have official information relating to himself or herself amended where it is incomplete, incorrect or misleading; and,
A right to obtain reasons for decisions affecting oneself.

You can find out more about Freedom of Information and the legislation, structure, rules and functions of the Council.

FOI related enquiries can be sent to: admin@fiscalcouncil.ie.

Access to Environmental Information

The European Communities (Access to Information on the Environment) Regulations 2007 came into force on 1 May 2007 and the European Communities (Access to Information on the Environment) (Amendment) Regulations 2011 came into force on 23 December 2011. Both pieces of legislation are to be read together and construed as one and are referred to as the European Communities (Access to Information on the Environment) Regulations 2007 to 2011, and were amended by the European Communities (Access to Information on the Environment)(Amendment) Regulations 2014. Further details

Minutes of Council meetings

- 2024 Minutes
- 2023 Minutes
- 2022 Minutes
- 2021 Minutes
- 2020 Minutes
- 2019 Minutes
- 2018 Minutes
- 2017 Minutes

2016 Minutes
2015 Minutes
2014 Minutes
2013 Minutes

Correspondence to the Minister for Finance

Official responses to our Fiscal Assessment Reports

Parliamentary Questions that mention the Irish Fiscal Advisory Council

Oireachtas engagements

The Council regularly appears before Oireachtas Committees to discuss its publications and to account for its functions.

Prompt Payments by Public Sector Bodies Reporting

The Fiscal Council reports every quarter on its compliance with the Government’s 15-Day Prompt Payment commitment. It does so using a revised payment performance template which includes the levels of late payment interest and compensation costs incurred.