Oireachtas Joint and Select Committees
Wednesday, 14 November 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Scrutiny of EU Legislative Proposals.
3:55 pm
Mr. John Palmer:
With regard to the Deputy's question about methodologies, assumptions and so forth, there is in the draft regulation a requirement that these macroeconomic and budgetary forecasts be made public together with the documents they underpin, so they are in our draft budget for central Government, which had to be done by 15 October. Furthermore, in the draft budgetary plans, which are slightly different and which we will not be subject to next year because we are in a macroeconomic adjustment programme, we must set out the methodologies and so forth. I draw attention to the six-pack, which comprises five regulations and one directive. The directive is on budgetary frameworks and it must be transposed by the end of 2013. It is something we will do next year. It states: "Member States shall specify which institution is responsible for producing macroeconomic and budgetary forecasts and shall make public the official macroeconomic and budgetary forecasts prepared for fiscal planning, including the methodologies, assumptions, and relevant parameters underpinning those forecasts". When we transpose the directive and this regulation comes into play, hopefully that will satisfy the Deputy's curiosity because the methodologies, assumptions and everything else will have to be out there.