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However, another important strain of research explains why one-factor changes, such as the introduction of a single currency, have less of an impact that might at first be expected. Subramanian Rangan, an economist at Insead, France’s leading business school, has studied globalization and its effect on large multinational companies’ pricing policies and sourcing of goods. He argues that in a large region such as Europe that is moving towards economic integration, it is vital to understand the role played by national borders. “The moment you talk in terms of integration, you presuppose that there are things to integrate, “he says. “But national borders engender discontinuities so profound that they cannot be overcome by removing a single factor among many.”

The main idea of the paragraph

The real (economic) integration of the EU will be the result of the resolution of various problems such as currencies, national borders, etc. The introduction of a single currency can contribute to the integration, but many other things need to be done.

欧盟经济的真正一体化将会在解决了诸如货币、边界(控制)等问题后才会得以实现。引入单一货币能够有助于一体化的实现，但还需要做许多其它方面的工作。

句子分析

However, another important strain of research explains why one-factor changes such as the introduction of a single currency, have less of an impact that might at first be expected.

在此句中

1）“another important strain of research explains”是主句；

2）“why one-factor changes such as the introduction of a single currency, have less of an impact that might at first be expected”是谓语动词 explains 的宾语从句，其中，“that might at first be expected”是个限制性的定语从句，修饰名词“impact”。

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• Summary