diff --git a/gnucash/python/CMakeLists.txt b/gnucash/python/CMakeLists.txt
index f617858c89..a6690ddf8e 100644
--- a/gnucash/python/CMakeLists.txt
+++ b/gnucash/python/CMakeLists.txt
@@ -1,3 +1,5 @@
+set(gncmod_python_SOURCES gncmod-python.c)
+
 set(pycons_DATA
   pycons/__init__.py
   pycons/console.py
@@ -9,6 +11,23 @@ set(pycons_DATA
 )
 
 if (WITH_PYTHON)
+
+  add_library(gncmod-python ${gncmod_python_SOURCES})
+  # target_link_libraries(gncmod-python gnc-module gnc-core-utils-python gncmod-app-utils-python
+  target_link_libraries(gncmod-python gnc-module gnc-core-utils
+   ${PYTHON_LIBRARIES} ${GLIB_LIBS})   # ${PYTHON_EXTRA_LIBS}
+  target_include_directories(gncmod-python
+    PRIVATE ${CMAKE_SOURCE_DIR} ${CMAKE_SOURCE_DIR}/libgnucash/core-utils ${CMAKE_SOURCE_DIR}/gnc-module ${PYTHON_INCLUDE_DIR})
+  target_compile_options(gncmod-python PRIVATE -DG_LOG_DOMAIN=\"gnc.python\")
+if (APPLE)
+  set_target_properties (gncmod-python PROPERTIES INSTALL_NAME_DIR "${CMAKE_INSTALL_FULL_LIBDIR}/gnucash")
+endif()
+  install(TARGETS gncmod-python
+    LIBRARY DESTINATION ${CMAKE_INSTALL_LIBDIR}/gnucash
+    ARCHIVE DESTINATION ${CMAKE_INSTALL_LIBDIR}/gnucash
+    RUNTIME DESTINATION ${CMAKE_INSTALL_BINDIR}
+  )
+
   install(FILES ${pycons_DATA} DESTINATION  ${CMAKE_INSTALL_DATADIR}/gnucash/python/pycons)
   install(FILES init.py DESTINATION  ${CMAKE_INSTALL_DATADIR}/gnucash/python)
 
@@ -17,6 +36,6 @@ if (WITH_PYTHON)
 endif(WITH_PYTHON)
 
 set_local_dist(pycons_DIST ${pycons_DATA})
-set_local_dist(python_DIST_local CMakeLists.txt init.py)
+set_local_dist(python_DIST_local CMakeLists.txt gncmod-python.c init.py)
 set(python_DIST ${python_DIST_local} ${pycons_DIST} PARENT_SCOPE)
 
diff --git a/gnucash/python/gncmod-python.c b/gnucash/python/gncmod-python.c
new file mode 100644
index 0000000000..15f94ecbf4
--- /dev/null
+++ b/gnucash/python/gncmod-python.c
@@ -0,0 +1,133 @@
+/*********************************************************************
+ * gncmod-python.c
+ * Python in GnuCash?! Sweet.
+ *
+ * Copyright (c) 2011 Andy Clayton
+ *********************************************************************/
+/********************************************************************\
+ * This program is free software; you can redistribute it and/or    *
+ * modify it under the terms of the GNU General Public License as   *
+ * published by the Free Software Foundation; either version 2 of   *
+ * the License, or (at your option) any later version.              *
+ *                                                                  *
+ * This program is distributed in the hope that it will be useful,  *
+ * but WITHOUT ANY WARRANTY; without even the implied warranty of   *
+ * MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the    *
+ * GNU General Public License for more details.                     *
+ *                                                                  *
+ * You should have received a copy of the GNU General Public License*
+ * along with this program; if not, contact:                        *
+ *                                                                  *
+ * Free Software Foundation           Voice:  +1-617-542-5942       *
+ * 51 Franklin Street, Fifth Floor    Fax:    +1-617-542-2652       *
+ * Boston, MA  02110-1301,  USA       gnu@gnu.org                   *
+ *                                                                  *
+\********************************************************************/
+
+
+#include <Python.h>
+#include <config.h>
+#include <gmodule.h>
+#include <stdio.h>
+
+#include "gnc-module.h"
+#include "gnc-module-api.h"
+#include "gnc-path.h"
+
+GNC_MODULE_API_DECL(libgncmod_python)
+
+/* version of the gnc module system interface we require */
+int libgncmod_python_gnc_module_system_interface = 0;
+
+/* module versioning uses libtool semantics. */
+int libgncmod_python_gnc_module_current  = 0;
+int libgncmod_python_gnc_module_revision = 0;
+int libgncmod_python_gnc_module_age      = 0;
+
+
+char *
+libgncmod_python_gnc_module_path(void)
+{
+    return g_strdup("gnucash/python");
+}
+
+char *
+libgncmod_python_gnc_module_description(void)
+{
+    return g_strdup("An embedded Python interpreter");
+}
+
+#if PY_VERSION_HEX >= 0x03000000
+//extern PyObject* PyInit__sw_app_utils(void);
+//extern PyObject* PyInit__sw_core_utils(void);
+#else
+//extern void init_sw_app_utils(void);
+//extern void init_sw_core_utils(void);
+#endif
+
+int
+libgncmod_python_gnc_module_init(int refcount)
+{
+    /* There isn't yet a python module to init.
+    PyObject *pName, *pModule;
+    */
+    FILE *fp;
+    gchar *pkgdatadir, *init_filename;
+#if PY_VERSION_HEX >= 0x03000000
+    wchar_t* argv = NULL;
+#else
+    char* argv = "";
+#endif
+    Py_Initialize();
+    PySys_SetArgv(0, &argv);
+    // I dont quite understand why these are loaded here
+    // - these are python modules so should be able to just import them
+    // in init.py
+#if PY_VERSION_HEX >= 0x03000000
+    //PyInit__sw_app_utils();
+    //PyInit__sw_core_utils();
+#else
+    //init_sw_app_utils();
+    //init_sw_core_utils();
+#endif
+
+    /* There isn't yet a python module to init.
+    pName = PyString_FromString("path/to/init.py");
+    pModule = PyImport_Import(pName);
+
+    if (!pModule) {
+        PyErr_Print();
+        return FALSE;
+    }
+
+    Py_DECREF(pName);
+    Py_DECREF(pModule);
+    */
+
+    pkgdatadir = gnc_path_get_pkgdatadir();
+    init_filename = g_build_filename(pkgdatadir, "python/init.py", (char*)NULL);
+    g_debug("Looking for python init script at %s", (init_filename ? init_filename : "<null>"));
+    fp = fopen(init_filename, "r");
+    if (fp)
+    {
+        PyRun_SimpleFile(fp, init_filename);
+        fclose(fp);
+
+        /* PyRun_InteractiveLoop(stdin, "foo"); */
+    }
+    else
+    {
+        g_warning("Unable to initialize Python module (unable to open %s)", init_filename);
+    }
+    g_free(init_filename);
+    g_free(pkgdatadir);
+
+    return TRUE;
+}
+
+int
+libgncmod_python_gnc_module_end(int refcount)
+{
+    Py_Finalize();
+    return TRUE;
+}
diff --git a/gnucash/python/init.py b/gnucash/python/init.py
index 4ec0febd30..ca96f12233 100644
--- a/gnucash/python/init.py
+++ b/gnucash/python/init.py
@@ -1,7 +1,7 @@
 import sys
-import _sw_app_utils
+import gnucash._sw_app_utils as _sw_app_utils
 from gnucash import *
-from _sw_core_utils import gnc_prefs_is_extra_enabled
+from gnucash._sw_core_utils import gnc_prefs_is_extra_enabled
 from gi import require_version
 require_version('Gtk', '3.0')
 from gi.repository import Gtk
diff --git a/gnucash/python/pycons/console.py b/gnucash/python/pycons/console.py
index 6a070b8603..760c498c28 100644
--- a/gnucash/python/pycons/console.py
+++ b/gnucash/python/pycons/console.py
@@ -31,12 +31,14 @@ import sys
 import re
 import tempfile
 import readline
+import gi
+gi.require_version('Gtk', '3.0')
 from gi.repository import GObject
 from gi.repository import Gtk
 from gi.repository import Pango
-from StringIO import StringIO
-import shell
-try:    import ishell
+import io
+import pycons.shell as shell
+try:    import pycons.ishell as ishell
 except: pass
 
 ansi_colors =  {'0;30': '#2E3436',
@@ -79,8 +81,8 @@ class ConsoleOut:
     def writelines(self, l):
         for s in l:
             self.console.write (s, self.style)
-    def seek(self, a):   raise IOError, (29, 'Illegal seek')
-    def tell(self):      raise IOError, (29, 'Illegal seek')
+    def seek(self, a):   raise IOError(29, 'Illegal seek')
+    def tell(self):      raise IOError(29, 'Illegal seek')
     truncate = tell
 
 
@@ -113,8 +115,8 @@ class ConsoleIn:
     def readlines(self): return []
     def write(self, s):  return None
     def writelines(self, l): return None
-    def seek(self, a):   raise IOError, (29, 'Illegal seek')
-    def tell(self):      raise IOError, (29, 'Illegal seek')
+    def seek(self, a):   raise IOError(29, 'Illegal seek')
+    def tell(self):      raise IOError(29, 'Illegal seek')
     truncate = tell
 
 
@@ -179,7 +181,7 @@ class Console (Gtk.ScrolledWindow):
         # Console stuff
         self.argv = argv
         self.history_init(filename, size)
-        self.cout = StringIO()
+        self.cout = io.StringIO()
         self.cout.truncate(0)
         if shelltype=='ipython':
             self.shell = ishell.Shell(argv,locals(),globals(),
diff --git a/gnucash/python/pycons/shell.py b/gnucash/python/pycons/shell.py
index d50043eb95..dfdc0d8ba0 100644
--- a/gnucash/python/pycons/shell.py
+++ b/gnucash/python/pycons/shell.py
@@ -153,9 +153,9 @@ class Shell:
                             console.write (buf, 'output')
                             if len(buf) < 256: break
                     # Command output
-                    print(`r`)
+                    print(repr(r))
             except SyntaxError:
-                exec self.command in self.globals
+                exec(self.command in self.globals)
         except:
             if hasattr (sys, 'last_type') and sys.last_type == SystemExit:
                 console.quit()
diff --git a/po/POTFILES.in b/po/POTFILES.in
index b8cc820fe7..c7924e8212 100644
--- a/po/POTFILES.in
+++ b/po/POTFILES.in
@@ -361,6 +361,7 @@ gnucash/import-export/qif-imp/qif-parse.scm
 gnucash/import-export/qif-imp/qif-to-gnc.scm
 gnucash/import-export/qif-imp/qif-utils.scm
 gnucash/import-export/qif-imp/string.scm
+gnucash/python/gncmod-python.c
 gnucash/register/ledger-core/gncEntryLedger.c
 gnucash/register/ledger-core/gncEntryLedgerControl.c
 gnucash/register/ledger-core/gncEntryLedgerDisplay.c