McGrath appoints UK economist to Irish Fiscal Advisory Council

Minister for Finance Michael McGrath has appointed UK economist Stephen Millard to the board of the Irish Fiscal Advisory Council (Ifac) in advance of the appointment of its new chairman later this year.

The Government’s spending watchdog typically has a five-person governing board but it is currently two short following the recent departures of former chairman Sebastian Barnes and board member Dawn Holland.

Prof Millard is a deputy director at the National Institute of Economic and Social Research (NIESR) in the UK and before that worked for the Bank of England.

He will join acting Ifac chairman Michael McMahon and economists Adele Bergin and Alessandro Giustiniani on the board of the council from next month.

Prof Millard was appointed from a panel of shortlisted candidates set up following an open selection process through the Public Appointments Service held earlier this year.

His term of office will run until the end of December with the possibility of reappointment for up to two further four-year terms.

“I wish to congratulate Professor Stephen Millard and wish him well in his new role on the Irish Fiscal Advisory Council,” Mr McGrath said.

“The council plays an important part in our budgetary process and continues to make a valuable contribution to the public debate around the economic and fiscal issues facing the State,” he said.

Mr Barnes left his position as head of the spending watchdog at the end of June last year a full year and half before his term was due to end.

He had been a member of the council since it was set up in 2011 at the height of the country’s economic woes, and chairman of the council since the start of 2021. Fiscal council members usually serve four-year terms and are reappointed by the Minister for Finance after each term if they are to continue in their role.