Tuesday 6 December 2016

Fiscal Advisory Council is a lonely voice warning we haven't learned lessons of the crash

Published 30/11/2016 | 02:30

'John McHale may wonder if he achieved anything as Budget watchdog. If nothing else, as the
next crash unfolds he’ll be able to say hand-on-heart that we can’t say we weren’t warned.' Photo: Damien Eagers
'John McHale may wonder if he achieved anything as Budget watchdog. If nothing else, as the next crash unfolds he’ll be able to say hand-on-heart that we can’t say we weren’t warned.' Photo: Damien Eagers

W e haven't learned the lessons of the financial crash. While the recovery has been strong so far, our luck won't hold forever.

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That's the stark warning issued today by the Fiscal Advisory Council - a body set up after the crisis by the body politic in an outpouring of good intentions and, as it turns out, temporary commitment to the path of fiscal righteousness.

The first chairman of the Fiscal Advisory Council's term in office is ending. As Prof John McHale departs the national stage, he may wonder what it was all for.

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