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These successes are tempered by the relative failure so far to integrate Europe’s equity markets. although more and more shares are quoted in euros, and there have been some mergers among stock exchanges, the underlying markets remain fragmented. One reason is that equities are more complex instruments than bonds. A more powerlul one, however, is that vested interests at local level have blocked efforts to integrate securities markets.

The main idea of the paragraph

Although achievements have been made in the euro-bond market, there has not been as much success in the development of the euro-equity market. Two reasons are cited, one is that equities are more complex than bonds, and the other is that vested interests at local level have blocked efforts to integrate securities markets.

虽然在欧元债券市场的发展方面取得了一些成就，欧元股权交易市场并没有很大进展。专家提出两个理由，一是股权比债券复杂得多，另一个原因是当地的既得权利群体阻碍合并证券市场的尝试。

词语解释

1、equity 股权

ownership interest in a corporation in the form of common stock or preferred stock. It also refers to total assets minus total liabilities, in which case it is also referred to as shareholder's equity or net worth or book value.

2、vested interests　既得利益者

those groups that seek to maintain or control an existing system or activity from which they derive private benefit.

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