The Global Financial Crisis and European sovereign debt crisis led a new wave of independent fiscal institutions (IFIs) to be created in the following years. Reflecting in part the experience of the Irish Banking crisis, the Irish Fiscal Advisory Council was formed in 2011 with a
mandate to assess the government’s macroeconomic forecasts, assess the public finances, and evaluate the overall fiscal stance.[1]
What does this paper provide?
This paper provides both a survey of the contributions made by the Council and its work performed over the 10 years since its establishment, along with an overview of how fiscal and economy policymaking has evolved in Ireland over this period.
What does this paper seek to perform?
This paper seeks to perform three tasks:
- First, to generate institutional memory for future policymakers and researchers
- Second, to employ current tools to historical fiscal and economic questions in Ireland
- Third, to highlight some of the policy implications and lessons learned during an economically volatile period in the economic history of the State.
[1]The opinions expressed and arguments employed in this paper do not necessarily reflect the official views of the Fiscal Council.