25. Give the summary of this text using the words from your own vocabulary and your answers.

26. Look through the following information. Name the banks of England, the main export and import partners.

Pic. 52. The City of London, one of the world's major financial centres

London is the world's largest financial centre, with financial services based around two districts: 'The City' and the Docklands. The City houses the London Stock Exchange (shares and bonds), London Metal Exchange (Base Metal and Plastic futures), Lloyds of London (insurance), and the Bank of England. There are now over 500 banks with offices in the City and Docklands, with the majority of business in London being conducted on an international basis, with established leads in areas such as Eurobonds, Foreign exchange markets, energy futures and global insurance.

Pic. 53. The Bank of England; the central bank of the United Kingdom.

Several of the major English cities have large financial sectors & related services, notably the Leeds city region which is home to several large banks & building societies. Manchester also has a large financial sector, including the Co-Operative Financial Services.

Do you know …

Main export partners	USA 15%, Germany 11%, France 10%, Ireland 7%, Netherlands 6%, Belgium 6%, Spain 5%, Italy 4% (2007)
Main import partners	Germany 14%, USA 9%,Russia 100%, France 8%, Netherlands 7%, Belgium 6%, Italy 5%, The People's Republic of China 4%, Ireland 4%

Russian-British projects secure large investments in Russian economy

Today Economy Minister Andrei Shapovalyants said large-scale joint energy projects with such British companies as British Petroleum, Dana Petroleum and British Gas may bring up to $3 billion of direct investments into Russian economy. Besides, Russian and British parties implement various projects in telecommunication and food processing industry. British companies invested total of $2.64 billion into Russian economy.

27. Read the following list of the words and find one odd.

a) banks; insurance; shipbuilding; financial;

b) intelligence; markets; international; exchange;

c) services; applicant, currency; officers; business.

28. Talk to your partner about British investments in Russian economy.

29. Work with a partner. Discuss the Russian-British relationships. Prove your ideas. Think about their economic situations, political views, beliefs, hopes, memories and regrets.

Economic Issues

30. Study the word combinations, translate them and try to remember.

Political instability Mass unemployment Massive trade deficits Poverty in the Third World The North-South divide The collapse of communism A population explosion Under-employment Arms build-up International terrorism

Racial tension Hyperinflation Cheap labour markets The debt crisis The East-West divide Environmental damage An ageing population Trade wars Oil supplies political extremism

31. We are living in hard times. What do you think the greatest threats to the world economy are?

32. Which of these do you consider to be the key global issues? Are there others that you believe to be even more important? What do you think their economic implications might be?

33. Which countries or geographic areas do you think will have the most direct or indirect impact on the global economy over the next five to ten years? Can you justify your view?

34. Compare your views with your partner and those expressed in the article, The Death of Economics.