Please read Country Focus: a Single European Market in Financial Services on page 260 in the 8th edition and answer the following questions:

The European Union's progress towards creating a single financial market started in 1999. It was to have been completed by 2005, however, progress has been slowed by various factors related to the tradition of each member country operating autonomously. By 2012, significant progress had been made. More than 40 measures designed to create a single market were in place, and others were in the pipeline. The current issue facing the EU revolves around the enforcement of the rules that have been established as law. Some experts believe that it will be at least another decade before the benefits of the new rules become apparent.

1. What are the benefits of creating a single financial market in the European Union for companies? Does it make sense for consumers?
2. What are the impediments to creating a single financial market in the European Union? What does the potential for this type of market mean for the EU countries that have not joined the euro-zone?