Organisation information
About the Fiscal Advisory Council
From Irish Fiscal Advisory Council
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From Irish Fiscal Advisory Council
Published on
Last updated on
The Council’s current membership consists of:
Prof Michael McMahon
Prof Michael McMahon is a Macroeconomist and is currently a Professor of Macroeconomics at the University of Oxford and Senior Research Fellow of St Hugh’s College. He is a research fellow of the Centre Economic Policy Research (CEPR), Deputy Director of the Nuffield Centre for Applied Macroeconomic Policy (NUCAMP) and Director for Impact at CAGE, Warwick. He previously worked at the Bank of England where for three years he was a euro-area economist doing both analytical and forecasting work. During this time, he served as one of the UK’s two representatives on the European Commission’s Experts Group on Economic Forecasting. He has also worked for the IMF’s Institute for Capacity Development in Singapore. His initial term of appointment to the Irish Fiscal Advisory Council was 4 years effective 18 April 2019. He was reappointed for a second 4 year term effective 18 April 2023. In December 2020, the Council appointed Michael as Vice-Chairperson to the Fiscal Council. In July 2023, the Minister for Finance appointed Michael as Acting Chairperson to the Fiscal Council.
Ms Dawn Holland
Ms Dawn Holland is a macroeconomist with a focus on macroeconomic modelling and forecasting. She served as Chief of the Global Economic Monitoring Branch at the United Nations Department of Economic and Social Affairs from 2015-2019, where she was responsible for producing the UN’s flagship publication World Economic Situation and Prospects and for the development of the UN/DESA World Economic Forecasting Model. Prior to joining the United Nations, she was a Principal Research Fellow at the National Institute of Economic and Social Research (NIESR), London, where she worked from 1996-2013 and remains a close associate. She has acted as an advisor to the House of Lords of the UK Parliament and to the European Court of Auditors, and served on the editorial board of the National Institute Economic Review from 2003-2013. She has been a Consultant for the Economic and Social Research Institute (ESRI) Dublin, and the OECD, and has undertaken research projects on behalf of a wide range of organizations, including the Scottish Government, European Commission, Overseas Development Institute, and various UK Government departments. Her term of appointment to the Irish Fiscal Advisory Council is 4 years effective 1 January 2020.
Dr Adele Bergin
Dr Adele Bergin is an Associate Research Professor at the Economic and Social Research Institute, where she is a joint research area coordinator for macroeconomics. She is an adjunct Professor at the Department of Economics in Trinity College Dublin and a Research Fellow with the Institute for the Study of Labor (IZA) in Bonn, Germany. She holds a Ph.D. in Economics from NUI Maynooth, a Masters of Science (Economics and Econometrics) from the University of Bristol and a B.A. (Economics) from Trinity College Dublin. Dr. Bergin was a Council Member of the Irish Economic Association from 2014 to 2020 and is the Policy Section Editor for the Economic and Social Review. Her term of appointment to the Irish Fiscal Advisory Council is 4 years effective 1 January 2021.
Mr Alessandro Giustiniani
Mr Alessandro Giustiniani, an Italian national, is a former staff member of the International Monetary Fund (IMF) where he was most recently the lead country desk economist for Ireland responsible for developing the macroeconomic framework and the analysis of the sustainability of public debt. Previously, he was a senior staff member in the IMF’s Monetary and Capital Markets Department and the in the Western Hemisphere Department. Prior to joining the IMF staff, he served as Senior Advisor to Italy’s Executive Director at the IMF’s Executive Board and as a Division Chief in the Research Department of the Bank of Italy. Mr. Giustiniani has published widely on issues relating to exchange rates, international macroeconomics, and banking. He is a graduate of the University of Rome, “La Sapienza” and of the Graduate Institute of International and Development Studies of Geneva. His term is 4 years effective 1 January 2021.
The Minister for Finance appoints members based on their experience and competence in domestic and international macroeconomic and fiscal matters.
For further details on how appointments to the are made and how long they last, click here.
This is the Council’s full-time Secretariat, which supports the work of the Council.
Eddie Casey
Eddie Casey is Chief Economist and Head of Secretariat. He was seconded to the Council in 2013 and joined as an Economist in 2014. He was previously employed as an Economist in the NTMA and as a Research Assistant in the ESRI and Central Bank of Ireland. His research has primarily focused on macroeconomic analysis/forecasting. Eddie holds a PhD in Macroeconomics from University College Dublin, and first-class honours degrees in M.Sc. Financial Economics and B.A. Economics from University College Cork.
Niall Conroy
Niall Conroy is an Economist in the Irish Fiscal Advisory Council. Prior to joining the Secretariat in November 2015, he worked at the Economic and Social Research Institute, where his work focused on macroeconomic modelling and forecasting. Niall holds first class honours degrees in M.A. (Economics) and B.A. (Economics and Mathematical Studies) from UCD.
Kevin Timoney
Kevin Timoney is an Economist and an Adjunct Lecturer at the University of Limerick. Prior to joining the Irish Fiscal Advisory Council in April 2017, he was an Analyst for the NTMA’s Funding and Debt Management unit. He previously worked in macroeconomic forecasting for the Economic and Social Research Institute. He has completed a B.A. (Mod.) in Economic and Social Studies at Trinity College Dublin, a Master’s Degree in International Trade, Finance and Development at the Barcelona Graduate School of Economics, and Levels I and II of the CFA Programme.
Killian Carroll
Killian Carroll joined the Secretariat as a Research Assistant in September 2018. He holds first class honours degrees in MSc. Quantitative Economics from University College Dublin and BSc. Economics and Mathematical Sciences from University of Limerick. He has previously worked as a Risk Analyst at FundRock Management Company S.A. in Luxembourg.
Brian Cronin
Brian Cronin joined the Secretariat as a Research Assistant in November 2022. He holds first class honours degrees in MSc. Economics and Policy Analysis from University of Limerick and BSc International Business with French from University College Cork. He previously worked as an economic consultant with EY.
Karen Bonner
Karen Bonner is the Administrator and Secretary to the Fiscal Council. Karen joined the Secretariat in November 2018 having spent the past 14 years working for a Statutory & Regulatory Body, the Veterinary Council of Ireland (VCI) as Office Manager and Secretary to both its Audit, Risk & Finance Committee and Fitness to Practise Committee. Karen holds a Bachelor of Business (Hons) in Management from the Institute of Technology Carlow, and a Professional Certificate in Regulatory Affairs.
How Council members are appointed and their term lengths is set out in the Fiscal Responsibility Act 2012.
The appointments comply with the Public Appointments Service process set out in the Guidelines on Appointments to State Boards.
Members are appointed by the Minister for Finance based on their experience and competence in domestic and international macroeconomic and fiscal matters. The Council tends to have an international dimension with some members based outside of Ireland.
In practice, when a Council position is set to become available, there is a call for applications. A selection committee is then formed, consisting of four to five members: one or two representatives from the Public Appointments Service, a representative from the Department of Finance, the Council Chair and an external stakeholder. The selection committee reviews the applicants and draws up a shortlist of three candidates. The Minister for Finance then appoints from the shortlisted
candidates.
The initial appointments to the Council were made on a staggered basis with terms of office ranging from two to four years. Thereafter the standard term of office was for four years.
From 16 December 2020, Council members can serve no more than three consecutive terms but are eligible for reappointment at a later time.
Council members may resign at any time during their term of office by official letter submitted to the Minister for Finance.
The Minister may terminate appointments in certain circumstances provided a resolution stating the grounds for such is passed by Dáil Éireann. The Council’s governing legislation sets out the circumstances where this may happen.
Our four-part mandate is:
The Acts ensure the independence of the Council in the operation of its functions.
The Council produces regular analysis and reports that support the fulfilment of its mandate. These include the twice yearly Fiscal Assessment Reports, its Pre-Budget Statements, and its Long-term Sustainability Report.
To support the Council’s delivery of its mandate, the Council also produces occasional research and other analytical work on the Irish economy, macroeconomic forecasting, and fiscal policy.
The Irish Fiscal Advisory Council is funded from the Central Fund. The Council’s governing legislation, the Fiscal Responsibility Act, sets out the terms of this funding. Annual budgets are subject to a ceiling of €800,000, adjusted by the annual percentage change in the Harmonised Index of Consumer Prices. The Council determines its budget within this ceiling.
Governance
The Irish Fiscal Advisory Council is a statutory body governed by the legislation of the Fiscal Responsibility Act. The Council operates according to public sector regulations and practices.
Other Fiscal Councils
Ireland has two independent fiscal institutions. The other is the Parliamentary Budget Office, which, in contrast to the Council, is specifically focused on assisting the Houses of the Oireachtas and their Committees with analysis and advice on macroeconomic and fiscal developments and the financial implications of budgetary proposals. For more information on the PBO and to access their publications see www.oireachtas.ie/pbo.
There are also a large number of independent fiscal institutions internationally.