Micheál Martin (Cork South Central, Fianna Fail)
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223. To ask the Minister for Finance if the fiscal council has approved the Government's economic plan 2014-2020; and if he will make a statement on the matter. [2187/14]

Michael Noonan (Limerick City, Fine Gael)
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The Irish Fiscal Advisory Council's mandate is:

- To endorse, as it considers appropriate, the macroeconomic forecasts prepared by the Department of Finance on which the Budget and Stability Programme Update are based.

-To assess the official forecasts produced by the Department of Finance. These are the macroeconomic and budgetary forecasts published by the Department twice a year - in the Stability Programme Update in the spring and in the Budget in the autumn.

- 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 co-ordinate 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.

- In relation to the budgetary rule, to assess whether any non-compliance 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.

As the Government's Economic Strategy 2014 -2020 (MTES) is outside the Irish Fiscal Advisory Council's mandate they have no role in approving this strategy. However, the Deputy should be aware that the Irish Fiscal Advisory Council has complete independence in relation to its functions and may, therefore, comment on the MTES as it sees fit.