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How is the Irish Fiscal Advisory Council Performing? An Independent Evaluation of the First Years of IFAC

Author

Listed:
  • Jonung, Lars

    (Department of Economics, Lund University)

  • Begg, Iain

    (European Institute, London School of Economics and Political Science)

  • Tutty, Michael G.

    (Irish Fiscal Advisory Council)

Abstract

This paper presents an independent evaluation of the Irish Fiscal Advisory Council (IFAC) carried out in 2015. IFAC was set up as an independent fiscal institution in 2011 to monitor the fiscal policy of the Irish government. Similar fiscal “watchdogs” have emerged across Europe following the crisis in the euro area. This report presents conclusions and recommendations concerning the performance of IFAC. The focus is on five main issues: the mandate, the financial and human resources, the output, the impact (communication strategy) of IFAC and the relationship between the EU fiscal framework and the Irish framework. A general conclusion is that IFAC has, so far, served the Irish fiscal policy process well. With Ireland having exited its macroeconomic adjustment programme and a return to economic health, IFAC now faces new challenges in keeping Ireland on a sustainable fiscal path.

Suggested Citation

  • Jonung, Lars & Begg, Iain & Tutty, Michael G., 2016. "How is the Irish Fiscal Advisory Council Performing? An Independent Evaluation of the First Years of IFAC," Working Papers 2016:3, Lund University, Department of Economics.
    • Handle: RePEc:hhs:lunewp:2016_003
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    More about this item

    Keywords

    Ireland; fiscal policy council; independent fiscal agency; fiscal stabilization; fiscal rules and fiscal crisis;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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