Brendan Howlin (Wexford, Labour) | Oireachtas source

This amendment is part of the legislative steps to bring the budgetary reforms that we have agreed to at European level into statute law here. A number of changes to our budgetary process are being introduced and the Bill, as amended, should complete all the necessary changes required before next year's budget. On the Deputy's question, this is the legislative vehicle we have before the end of this parliamentary term and we want to complete it in advance of the budget. We will not have another chance. There is no other finance legislation before the Dáil.

Under the two pack regulation, "National medium-term fiscal plans and draft budgets referred to in paragraphs 1 and 2 shall be based on independent macroeconomic forecasts, and shall indicate whether the budgetary forecasts have been produced or endorsed by an independent body. Those forecasts shall be made public together with the national medium-term fiscal plans and the draft budgets that they underpin". We are required to do this.

On the question of what body would be appropriate one to undertake the macroeconomic endorsement, we have determined that it should be the Irish Fiscal Advisory Council. Notwithstanding its criticisms, that is the body we believe is the best fit for this task. The form of wording in the amendment is in the positive, but the council is perfectly entitled not to endorse. That is understood. The council will make a judgment call, either to endorse or to refuse to endorse the macroeconomic framework on which the budget is proposed to be constructed.