The Governor of the Central Bank says his main goal is to ensure that the Government's funding costs are not damaged by a market perception that it may not deliver on its budgetary intentions.
Patrick Honohan was addressing a conference in Dublin that is discussing regulation and banking after the international financial crisis.
Ireland's cost of borrowing hit a record high this morning.
"I have recently been looking more closely though at the multi-year prospects for the Budget," said Honohan.
"Of course it can be said, if the economy stays close to the track originally envisaged, the deficit would come close to 3% by 2014. But as the IMF and others have noted, the real economy, the price level and also interest rates on Government borrowing, have evolved in a less favourable way.
"Servicing of the additional debt related to bank restructuring is also a negative factor.
"Some explicit reprogramming of the budgetary profile for the coming years is clearly necessary soon if debt dynamics are to be convincingly convergent."