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Observers say that fewer medium-sized companies have raised money by issuing bonds than was hoped at the outset. Until more do so, the bank-driven alternative system of funding will continue to misallocate capital. This is a fair criticism. But the market has shown that it can fulfil its function as a viable long-term alternative to the bank debt that has always dominated European financial intermediation. In the early part of this year it provided a flood of liquidity to telecoms issuers as equity investors’ enthusiasm for that industry dried up. The issuance has since also dried up, but it represented progress.

The main idea of the paragraph

In a sense, the euro-bond market has not developed as expected, because the bank-driven system of funding still dominates European financial intermediation. But the bond market is gaining ground.

从某种意义上说，欧元债券市场的发展不如预期的好，这是因为在欧洲金融市场上占主导的依然是银行融资体系，但是，欧元债券市场在逐渐扩大地盘。

句子分析

But the market has shown that it can fulfill its function as a viable long-term alternative to the bank debt that has always dominated European financial intermediation.

在此句中
1）“the market has shown”是主句
2）“that it can fulfill its function as a viable long-term alternative to the bank debt that has always dominated European financial intermediation”是充当谓语动词“has shown”宾语的从句
3）“to the bank debt that has always dominated European financial intermediation”是介词短语，作定语，修饰名词“alternative”，其中 “that has always dominated European financial intermediation”是个限制性的定语从句，修饰名词“the bank debt”

词语解释：

dry up

something comes to an end and no more is available 枯竭 e.g.

1）Foreign investment may dry up. 来自国外的投资可能会停止。

2）His main source of work dried up, leaving him short of money.　 他打工的主要活源枯竭了，结果使他囊中羞涩。

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• Summary