III. Back to the text.

3.1. Answer these questions using the active vocabulary of the Unit.

1. What are the recent changes in European business?

2. Why do you think mergers and acquisitions in Europe overtook the value of similar deals in America?

3. How do you account for "a surge of economic nationalism" in such countries as France and Spain?

4. What is Britain's attitude towards cross-border mergers and acquisitions? How would you account for it?

5. Are European companies ready to face more competition? Give reasons for your answer.

6. What are the economic sectors protected by the French government?

7. What are the reasons for Spain's success in foreign markets?

8. What are the functions of the British government's competition commission? Why is it mentioned in this article?

9. Why does the author refer to Spain as a predator?

10. What is typical of Spanish capitalism? What is the author's forecast of its future?

3.2. Make a detailed outline of the above article.

3.3. Explain the title of the article.

3.4. Summarise the article using your outline.

IV. Over to you.

4.1. Comment on the following statements from the article:

a) Europe's businesses are changing hands at a record rate.

b) More cross-border mergers mean more competition, to the benefit of consumers.

c) Recent hostility to cross-border mergers has attracted much negative comment.

4.2. Consider the following, refer to the article if necessary:

The French and Italian governments often retain important stakes in privatised utilities, so the scope for obstruction is vast.

4.3. Analyse the economic situation in Spain basing on the examples given in the article.

4.4. Supply details to prove that "the most assiduous practitioners of "economic patriotism" are the French, with their list of 11 protected sectors designed to discourage predators from even considering a bid".

4.5. Provide arguments to support or refute the author's idea of Spain being "a successful predator".

V. Writing.

5.1. Write out of the article sentences representing the author's point of view on the process of mergers and acquisitions in Europe. Comment on these ideas.

5.2. Write your comments on the following:

"Spanish capitalism, for all its new-found foreign elan, is still a clannish affair".

5.3. Find another example of "a successful predator" in Europe. Give the example a thorough consideration.

5.4. a) Make a detailed analysis of "Spanish capitalism".

b) Consider some typical features of other European economies making them successful (or not very successful) players in the European integrated market.

5.5. Make a survey of Britain's promoting the integration of the single market on the ground.

Unit 5.

I. Pre-reading.

1.1. Before you read the article below, say what you know about small and medium-sized business in Europe.

1.2. Read the following article and then

a) say if these statements are true or false, give reasons for your answers:

1. European smaller firms, once successful exporters, now suffer from the effects of globalisation.

2. As giants move production offshore, so do export-minded smaller and medium-sized enterprises.

3. Neither giants, nor smaller and medium-sized firms create many new jobs in Europe nowadays.

4. Things have been going from bad to worst in Europe because China joined the WTO.

5. Private equity is the only way to help European smaller and medium-sized enterprises deal with competition in the globalised world.

b) make a gist of the article.