Finance Minister, Conor Murphy has announced the establishment of a Fiscal Council and a Fiscal Commission.
Making the announcement, Conor Murphy said: “The establishment of the Fiscal Council and the Fiscal Commission represents a real step forward for the public finances.
“Putting the Fiscal Council in place will bring greater transparency and independent scrutiny to the Executive’s finances. It will be a stand-alone and permanent body, focussing initially on the Executive’s draft 2021-2022 Budget.”
Turning to the Fiscal Commission, Minister Murphy said “There have already been comprehensive examinations of the fiscal powers of the Assemblies in Scotland and Wales. The Fiscal Commission will provide a similar review here.”
Commenting on the membership of the bodies, Murphy continued “I am delighted that for both the Fiscal Council and Fiscal Commission we have such outstanding Chairs and members. They will bring significant experience in economics, public finances and fiscal matters to these important pieces of work.”
The Fiscal Council will be chaired by Sir Robert Chote who brings a wealth of experience to the post. He chaired the Office of Budget Responsibility for the last decade and is Chair of the external advisory group of the Irish Parliamentary Budget Office. The other members of the council will be:
- Professor Alan Barrett – Chief Executive Officer of the Economic and Social Research Institute in Dublin
- Dr Esmond Birnie – Senior Economist at Ulster University
- Maureen O’Reilly – economist and advisor to a number of private sector and public bodies
Paul Johnson, Director of the Institute for Fiscal Studies (IFS) will Chair the Fiscal Commission. Paul will be supported by:
- Professor Iain McLean – Professor of Politics at Oxford University
- Professor Cathy Gormley-Heenan – Deputy Vice-Chancellor at Ulster University
- Dr Lisa Wilson – Senior Economist at the Nevin Economic Research Institute