Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context

Question 75: To ask the Minister for Finance his plans to establish a budgetary advisory council by the end of June 2011 in line with the agreement between Ireland and the EU-International Monetary Fund; and if he will make a statement on the matter. [6477/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

The Government Programme includes a commitment to establish a Fiscal Advisory Council. Indeed, the issue of reform of Ireland's Budgetary framework, including the establishment of a Fiscal Advisory Council, is a priority for the Government. As mentioned by the Deputy, the EU/IMF Programme of Financial Support requires that such a body be in place by the end of the second quarter of 2011. It is the Government's intention that this deadline will be met.

In this regard, there would be merit in providing for a Fiscal Advisory Council in law as this would underline the Government's commitment to fiscal reform and to the independence of the body. At the same time, the establishment of such a council does not strictly need to be underpinned by law and could proceed in advance of legislation on fiscal reform.

The question of the legislative arrangements surrounding fiscal reform is a matter which has yet to be considered by the Government. The Deputy may wish to note that last Friday my Department published a discussion document on its website entitled Reforming Ireland's Budgetary Framework with a view to assisting debate and to setting out a range of potential policy options on this important issue. It is intended that in due course a seminar will be organised to allow for discussion and debate among all interested parties and experts with a view to arriving at the optimum set of proposals for fiscal reform which can then be taken forward for Government approval and subsequent implementation, within the timeframe already set out.