Paraphrasing　(15th paragraph)

Text

Observers say reforms that at first sight appear to be relatively simple have turned out to be a nightmare because individual countries are so reluctant to remove any barrier that might reduce their importance in the overall financial system. The European Commission issued a Financial Services Action plan in 1999 and has since pushed steadily for implementation of its 42 measures by the end of 2005. A report published in February this year by a committee chaired by Alexandre Lamfalussy, a former central banker, was endorsed at a summit held in Stockholm in March as a sensible basis for further efforts to integrate the capital markets, but for a variety of reasons has made little progress since. And even simple reforms require each country to enact new laws, so there is; ample scope for political interference. The bigger the country, the higher the barrier.

The main idea of the paragraph

The reforms efforts aimed at integrating the capital markets have met resistance on the part of the member nations, who fear that the reforms might reduce their importance in the overall financial system.

旨在统一（欧盟）资本市场的改革努力遭遇到了成员国的抵制，因为它们担心改革会使它们各自市场在整个金融体系中的重要性会降低。

句子分析

1、Observers say reforms that at first sight appear to be relatively simple have turned out to be a nightmare because individual countries are so reluctant to remove any barrier that might reduce their importance in the overall financial system.

在此句中
1）“Observers say”是主句
2）“reforms that at first sight appear to be … in the overall financial system”是充当谓语动词“say”宾语的从句，其中
　　（1）“that at first sight appear to be relatively simple”是限制性的定语从句，修饰名词“reforms”
　　（2）“because individual countries are so reluctant to remove any barrier that might reduce their importance in the overall financial system”是原因状语从句，其中“that might reduce their importance in the overall financial system”是修饰名词“barrier”的限制性定语从句。

2、A report published in February this year by a committee chaired by Alexandre Lamfalussy, a former central banker, was endorsed at a summit held in Stockholm in March as a sensible basis for further efforts to integrate the capital markets, but for a variety of reasons has made little progress since.

此句虽然比较长，但它是个简单句。在此句中
1）“a report”是主语，连词“but”连接“was endorsed”和“has made little progress”两个并列谓语
2）“published in February this year by a committee chaired by Alexandre Lamfalussy, a former central banker”是个过去分词短语，作定语，修饰名词“a report”，其中“chaired by Alexandre Lamfalussy, a former central banker”是另一个过去分词短语，修饰名词“a committee”，作定语；“a former central banker”是说明“Alexandre Lamfalussy”身份的同位语
3）“held in Stockholm in March”又是一个过去分词短语，作定语，修饰名词“a summit”
4）“as a sensible basis for further efforts to integrate the capital markets”是介词短语，作补语，补充说明作为被动结构“was endorsed”的主语“a report”
5）“for a variety of reasons”是个介词短语，修饰另一个谓语动词“has made”

词语解释

at first sight

the first time that you look at someone or something, before you notice any details 乍一看 e.g.
1）At first sight the twins look identical. 乍一看, 这两双胞胎看上去长得一样。
2）At first sight, there didn't appear to be much damage. 乍一看，似乎没有造成很大损失。