Mr Coffey is a lecturer in the economics department at University College Cork. He was previously a member of the Irish Fiscal Advisory Council from 2016 and was chair from January 2017 to December 2019.
In October 2016, he was also chosen as an independent expert by the Minister for Finance to review Ireland’s corporation tax code and has served on the Commission on Pensions.
He is also a member of the National Economic and Social Council and the current president of the Irish Economic Association.
Mr Coffey was appointed to the role of chair of the Irish Fiscal Advisory Council from a shortlist of candidates following an open competition earlier this year.
His term as chair of the budgetary watchdog will commence this week and will last for four years, with the possibility of reappointment for up to two further four-year terms.
In his role as chair of the council, Mr Coffey is set to receive a daily fee of €684 for a maximum of 96 days a year.
He will replace Professor Michael McMahon who has been acting chair since July 2023.
Professor McMahon will continue to serve as a member of the council.
“I am keenly aware of the important role that the Irish Fiscal Advisory Council plays in our budgetary process,” Finance Minister Jack Chambers said.
“Mr. Coffey brings a wealth of experience to the role of chair and I know he will continue to ensure that the council continues to make an important contribution to the public discourse around the many fiscal and economic challenges facing the State.”.
Earlier this year, the Irish Fiscal Advisory Council accused the Government of “fiscal gimmickry”, adding that current budgetary policy is “not appropriate for the economy or the public finances.”
In June, the council reported that the National Spending Rule, which seeks to keep annual increases in core spending to 5pc, is set to be breached this year by more than predicted. It estimates that it will rise to 6.7pc this year.
“Since the rule was introduced in 2021, breaches add up to €8.5bn (9.7pc) by 2024,” the council said at the time. This number is larger than the Government’s estimate, “because we account for likely spending overruns and fiscal gimmickry”, it added.
