Written answers

Tuesday, 5 July 2011

9:00 pm

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Question 136: To ask the Minister for Finance if the National Economic Advisory Council has met; and if he will make a statement on the matter. [17335/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am aware that last November, the Joint Oireachtas Committee on Finance and the Public Service published a report entitled Macroeconomic Policy and Fiscal and Economic Governance. As part of a number of recommendations, the report proposed the establishment of an independent Economic Advisory Council. However, as the Deputy may be aware, the Government is committed to significant reform of our Budgetary architecture including the introduction of an independent Fiscal Advisory Council, medium-term expenditure planning and performance management. The Programme for Government sets out our commitments in this regard.

In addition, the EU/IMF Programme of Financial Support contains commitments to establish an independent Fiscal Advisory Council by mid-year and to introduce a Fiscal Responsibility Bill by the end of the year. The first of these commitments has been met and, in this regard, I will be making an announcement in the coming days. Work is already well advanced in relation to the Fiscal Responsibility Bill and it is intended that the commitment in relation to this will also be met before the end of the year.

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