Finance Minister Michael McGrath has named UK economist Stephen Millard to the Irish Fiscal Advisory Council’s (IFAC) board, with a new chairman set to be appointed later this year. The governmental spending monitor’s board ordinarily comprises five members, but currently, it’s staffed by three following the recent resignations of ex-chairman Sebastian Barnes and board member Dawn Holland.
Prof. Millard who serves as a deputy director at the National Institute of Economic and Social Research (NIESR) in the UK has a background that includes working for the Bank of England. Next month, he is slated to join Michael McMahon, the IFAC’s current acting chair, and economists Alessandro Giustiniani and Adele Bergin on the board.
It comes following Prof. Millard’s selection from a list of shortlisted candidates from an open process performed by the Public Appointments Service earlier this year. His assignment will continue till year-end with the chance to renew for as many as two additional four-year tenures.
Mr. McGrath acknowledged Prof. Millard’s appointment and highlighted the significant role IFAC plays in the budget planning process and its ongoing contributions to the public discussion on economic and fiscal challenges facing the nation.
Sebastian Barnes, the former head of the spending regulator, left his post at the end of last June, a full one and a half years before his term was due to end. Since the advisory council’s inception in 2011 during Ireland’s economic crisis, he served as a member and was the head of the council from the beginning of 2021. The incumbent Finance Minister is responsible for reappointing the council’s members who typically serve a term of four years.