Sir George Mathewson (centre) is chairing the council Salmond's council of advisers

Mr Salmond described it as the most formidable, intellectual firepower to have tackled the issue of Scottish economic underperformance.

The 11-strong group, chaired by Sir George Mathewson, the former head of the Royal Bank of Scotland, met in the Museum of Scotland in Edinburgh.

Opposition parties said the group must be free from ministerial interference.

The Council of Economic Advisers (CEA) was created to advise the first minister on the best way to improve Scotland's sustainable economic growth rate.

The first meeting heard an assessment of Scotland's economic growth performance from Dr Andrew Goudie, chief economic adviser to the Scottish Government.

Devolved powers

Among the advisers is former Scottish Enterprise boss Crawford Beveridge who, along with Sir George, backed the SNP in the election campaign.

One of the other council members, Prof Andrew Hughes Hallett, said the body would not be considering what would happen if Scotland were independent.

He told BBC Radio Scotland's Good Morning Scotland programme: "I don't think that's in our remit right now."

We have to hope that Scotland's CEA will be free to come up with the answers they think are right, not just the separatist answer the first minister wants to hear Iain Gray Labour's finance and sustainable development spokesman

Prof Hughes Hallett added: "The remit is to look at the situation as it is now, we can look at underperformance as things have been done, but there is quite a lot of scope to extend that and use the devolved powers as they are.

"I think in the past they've not been used very much."

He said the council would discuss whether the economy in Scotland had underperformed, adding that trends suggested "growth has been weaker".

Mr Salmond described the meeting, which both he and Finance Secretary John Swinney attended, as "inspiring."

He added: "My belief that we have gathered some of the best minds to focus on achieving greater economic success for Scotland has been confirmed by the dynamic exchange of ideas that has taken place today."

The group will look at the economic performance of Scotland

Opposition parties welcomed the initiative but critics said the council must be free to come up with its own answers free from ministerial interference.

Scottish Labour's finance and sustainable development spokesman Iain Gray said: "The idea of expert advice on Scottish economic growth is a good one.

"However, the CEA will be a wasted opportunity if they are not allowed to advise on how the SNP intend to spend over �90bn in the next three years."

He added: "We have to hope that Scotland's CEA will be free to come up with the answers they think are right, not just the separatist answer the first minister wants to hear."

Liberal Democrat leader Nicol Stephen said the new council of economic advisers should be allowed to consider the forthcoming spending review.

'Crucial issues'

Mr Stephen said: "The first minister must take the shackles off his advisers. The SNP budget should not be out of bounds for scrutiny.

"It is the most important set of decisions ministers will take - allocating �90bn of spending for the next three years.

"Yet the first minister won't allow his hand-picked team of advisors to look at these crucial issues."

Tory finance spokesman Derek Brownlee stressed the Scottish Government must listen to the council's advice.

He said: "The council is made up of some very respected figures in the world of economics and there is a real opportunity here to deliver some fresh, new ideas for Scotland.

"However, the new minority government must be receptive to fresh thinking that might not necessarily fit in with the SNP's independence agenda."

The CEA will have quarterly meetings to consider the publication of the quarterly growth figures.

It will also publish an annual report providing commentary on the Scottish economy.