The stress, however, could however arise from a need for the banks to adjust the unamortized portion of Pension and Gratuity liabilities in the opening balance sheet on April 1, 2013 on transition to IFRS.
After all, Jean Claude Juncker (drawing on his long-term experience as President of the Eurogroup) put it succinctly: “Ministers know what measures need to be taken but do not know how they can be subsequently re-elected.” It will not be enough to provide in the future for a greater involvement of the European Parliament, however essential that may be.