Having completed what they believe to be star turns over the Lisbon treaty and the renegotiation of the programme for government, the warm-up act for the budget has begun.

Not just Brian Lenihan, but Brian Cowen, John Gormley and Mary Harney all rolled out within the last couple of days to issue dire warnings about the state of the current budget deficit.

Nightmare language ? such as 'economic catastrophe', 'road to ruin' and 'the IMF' ? has been conjured up to prepare the ground for what is likely to be the harshest budget in 30 years.

Brian Cowen admits he must show leadership and has warned that senior politicians and public-service employees are in for a huge salary hit, possibly as much as 25%.

Quite why it has taken him so long to realise that leadership is all about example is probably the biggest mystery of his 17-month tenure as taoiseach.

For now, he deserves credit for finally seeing the light.

With so much money coming out of the economy in this massively deflationary budget, trust is the only currency that will get the necessary retrenchment through. The trouble is, Cowen's mishandling of the Rody Molloy/Fás scandal, protracted uncertainty over a strategy for fiscal reform across the last three budgets, a lack of clear leadership over TDs' expenses and massive misgivings over Nama, it is a currency that has been totally devalued.