Fiscal Responsibility Act 2012

8.

Functions of Fiscal Council.

8.— (1) The Fiscal Council shall be independent in the performance of its functions.

(2) The Fiscal Council shall monitor, and at least once in each year provide an assessment of, whether any obligation under section 2(1)(a) or 6(1) , or to do things specified in a plan under section 6(1) , is being complied with.

(3) An assessment under subsection (2) shall include an assessment of whether (in the opinion of the Fiscal Council)—

( a) exceptional circumstances exist or have ceased to exist,

( b) there is a failure such as is referred to in section 6(1) , and

( c) during any period specified in a plan under section 6(1) , progress towards securing compliance with the budgetary rule is being made in accordance with the plan.

F1 [ (4) The Fiscal Council shall

( a ) endorse, as it considers appropriate, the macroeconomic forecasts prepared by the Department of Finance on which the Budget and stability programme will be based,

( b ) provide an assessment of the official forecasts, and

( c ) in relation to each Budget and stability programme, provide an assessment of whether the fiscal stance for the year or years concerned is, in the opinion of the Fiscal Council, conducive to prudent economic and budgetary management, including by reference to the provisions of the Stability and Growth Pact. ]

(5) The Fiscal Council shall, as soon as practicable after completing an assessment under this section, give a copy of the assessment to the Minister and publish the assessment within the period of 10 days beginning on the day on which the copy is so given.

(6) If the Government do not accept an assessment of the Fiscal Council in relation to any of the matters referred to in subsection (3), the Minister shall, within 2 months of being given a copy of the assessment under subsection (5), prepare and lay before Dáil Éireann a statement of the Government’s reasons for not accepting it.

(7) The Fiscal Council has all such powers as are necessary for, or incidental to, the performance of its functions.