Paraphrasing¡¡(Briefing)

Main idea of the passage

The introduction of the Euro has done a lot to the integration of the EU economy. However, its problems are attributed to several reasons, the diversity of its currencies being one of them. Therefore, the single currency of the Euro cannot solve all the economic problems the European Union is facing, a lot more needs to be done in other fields.

This passage is divided into six parts: the first six paragraphs forming the first part, paragraph seven to paragraph twelve forming the second part, the third part consisting of three paragraphs (para 13 to para 15), the fourth consisting of two paragraphs (para 16 and para 17), the fifth consisting of five paragraphs (para 18 to para 22), and the last paragraph being the conclusion of the passage.

The first part tells the reader that the creation of a true single EU market is a big project. The materialization of the market will be the result of not only the adoption of a single currency, but also the change of administrative rules and standards, the promotion of economic development and infrastructure, and the consideration of social and religious phenomena, and information differences including language, etc.

The second part tells the reader that the euro has prompted notable achievements, for example, in the inter-bank unsecured-money market and in the euro-bond market, but not much progress in the equity market.

The third part tells us that the lack of a unified clearing and settlement system to a large extent contribute to the failure to integrate Europe¡¯s equity market.

The fourth part tells the reader that behind the failure to integrate Europe¡¯s equity market lie the basic differences in the legal concepts that define securities between the law in Britain and that in continental Europe.

The fifth part tells the reader that the failure with the Europe¡¯s financial market seems to be unconnected to the daily needs of European businesses. However, the lack of unified financial market and unified banking practices affect both businesses and individuals.

The last part, the conclusion, tells the reader that the governments of the member countries should make concerted efforts and take action to pursue and establish a single unified market, not merely in the financial sector.