Product markets are not as competitive as America's, and the single European market has yet to become a reality in areas such as banking and services.

产品市场的竞争力也不如美国，但在银行和服务业，欧洲市场正在整合当中。

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These are moves that appear to undermine the principle of Europe's single market in banking.

而这些举动看起来有损欧洲银行市场一体化的原则。

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An opt-out by Britain from this banking union would very likely undermine the single market in banking - which Mr Osborne implies he wants to preserve and extend (and read here for more on this tricky issue: Why a eurozone banking union is messy for Britain).

BBC: Messy Spanish rescue

Already, the crisis is taking its toll on the single market, not least in the balkanization of the banking system which is fragmenting along national lines.

WSJ: Nobel Prize for EU an Inspired Decision

But a euro-area banking union would risk a fragmentation of Europe's single market that might leave Britain's financial industry isolated.

ECONOMIST: The euro crisis