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Department of Economics, Lund University Working Papers, Department of Economics, Lund University

No 2016:3:
How is the Irish Fiscal Advisory Council Performing? An Independent Evaluation of the First Years of IFAC

Lars Jonung (), Iain Begg () and Michael G. Tutty ()

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.

Keywords: Ireland; fiscal policy council; independent fiscal agency; fiscal stabilization; fiscal rules and fiscal crisis; (follow links to similar papers)

JEL-Codes: E62; E63; E65; F42; F45; (follow links to similar papers)

58 pages, February 8, 2016

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