Fiscal Responsibility Act 2012: Enactment of Fiscal Rules and Establishment of Irish Fiscal Advisory Council (fiscalcouncil.ie)

• Transposes EU fiscal compact into Irish law
• Sets budgetary rule requiring structural balance at MTO (-0.5% of GDP)
• Sets debt rule requiring reduction when ratio exceeds 60% of GDP
• Establishes independent Irish Fiscal Advisory Council

"The Fiscal Responsibility Act 2012 transposes the EU Treaty on Stability, Coordination and Governance into Irish law. It establishes a budgetary rule requiring the general government structural balance to be at or above the medium-term budgetary objective (MTO) of -0.5% of GDP, and a debt rule requiring reduction of debt-to-GDP ratio when above 60%. The Act creates the independent Irish Fiscal Advisory Council to monitor compliance, assess official forecasts, and evaluate fiscal stance. A correction mechanism is introduced for significant deviations, requiring the government to prepare and lay a plan before Dáil Éireann."