All this is helpful in the short term.

Once legislation proposed by the Commission on the two-pack is adopted, the Commission intends to take steps in the short-term towards a deep and genuine EMU as outlined in the blueprint. Short-term steps (6 to 12 months) will include:

15. Recalls that the key element in the relationship between growth and consolidation is the composition of consolidation; stresses that the appropriate mix of expenditure- and revenue-side measures is context-dependent and should be thoroughly assessed; points out in this regard, however, that consolidations based on cutting unproductive expenditure rather than on increasing revenue tend to be more lasting and more growth-enhancing in the medium term, but more recessive in the short term; is of the opinion that consolidation strategies need to mitigate short-term recessive impact while aiming at being growth-enhancing in the medium term; believes ...[+++] that the possible negative impact of consolidations in the short run can be mitigated, in particular provided that the measures taken are credible, lasting and avoid a reduction in public investment in productive sectors of the economy;

5. Stresses the need for coordination at European level, such as offering an EU-wide guarantee for deposits and liabilities of systemically important institutions; notes that this short-term guarantee should also cover unsecured lending between regulated institutions in order to revive the inter-bank market; welcomes the fact that all Member States will take the same approach, but insists that they should do so whatever the nationality of the institutions operating in the respective countries in order to maintain a level playing field; considers, in line with the European Council, that any action taken at national level should take into account its cross-border ef ...[+++]fects in terms of systemic risk, solvency level, distortion of competition and supervision mechanisms;

12. Short-term credit assessments may only be used for short-term asset and off-balance sheet items constituting exposures to institutions and corporates.

We are not sure whether it is over ten years, or ten years plus or minus one or two, or some other factor. The government wants to set it all up as current liability and that is inappropriate accounting.