シャドーイング練習: The Plan for a Unified Nordic Stock Exchange Explained - 動画で英語スピーキングを学ぶ

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In late January, which now feels like a lifetime ago, Germany, France, Italy, the Netherlands, Poland and Spain came together to create the E6,

a new European grouping that aims to forge ahead with projects of integration to improve the EU's competitiveness and sovereignty.

In the readout after their inaugural meeting, the E6 announced that their first priority, apparently ahead of both internationalising the euro and coordinating defence spending,

was, quote, pressing ahead with the Capital Markets Union.

Since then, nothing much has really happened for the E6's capital markets union, sometimes known as the savings and investment union.

However, another, perhaps more aligned group has emerged in the Nordics.

A consortium of large Nordic companies and investors, unified under the industry alliance Nordic Compass, are investigating the possibility of combining the Finnish,

Swedish, Danish and Norwegian stock exchanges into one pan -Nordic stock exchange.

It has the potential to unlock a capital pool deep enough

to perhaps entice founders to go public in the Nordics rather than list in the US.

In this video, we'll explain why the Nordics are considering unifying their stock exchanges

and what it could mean for the wider European project of a capital markets union.

So far, Trump's return to office has spelled disaster for the European economy.

But the union's got a plan to diversify its trade portfolio, and we've got a breakdown of how it's going to do

it in the latest edition of our magazine too long that's

just one of the articles in our longest issue ever subscribe

to get your copy by clicking the link in the description

so probably the best way to understand what the capital markets

union actually is is to first imagine you're an entrepreneur in europe you've got an idea for a business

but now you need some financing to actually get it off

the ground the obvious place to go is probably a bank

but banks don't generally like lending to small businesses because they're considered systematically important.

In other words, if the banks go bust, they take the rest of the economy down with them, which means governments subject them to lots of regulation that essentially discourages risky loans.

So if the bank says no, your next move is to try what are known as the capital markets.

In other words, go find some non -bank institution or investor to lend you the money.

Broadly speaking, there are two options here.

There's the private market and then there's the public market.

When we talk about the private market, we're basically talking about venture capital investors or other private investment firms who'll lend you the money.

When we talk about the public markets, we're basically talking about listing your company and selling shares in it on a publicly traded stock exchange,

although we should say that listing or going public usually happens later down the line, once your company has some brand recognition or a proven track record,

and typically after raising money from those aforementioned private investors.

There are over 30 different stock exchanges in the EU, meaning more than one per member state, with the vast majority being small, national or even regional stock exchanges.

Most of these are, to be frank, pretty much redundant.

You can't raise large amounts of money, and many of them haven't seen a new listing for years, because companies have essentially decided they're either better off going public elsewhere,

like in the US, or just sticking with private markets and avoiding the bureaucratically burdensome process of going public altogether.

These fragmented markets have led to a flight of high -profile companies from Europe to New York's two major exchanges.

In 2025, for instance, European IPO value fell by 20 % and proceeds dropped 10 % alongside it,

while US IPOs have surged in the wake of the AI boom.

On average, US valuations exceeded European ones by over 30%.

For entrepreneurs then, listing in the US is a no -brainer, though it should be noted there are tentative signs that the trend is turning in 2026.

Although the Nordics have a thriving startup ecosystem, particularly within tech, they suffer the same growth capital issues as the rest of Europe.

For example, companies such as Klarna and Spotify are all listed in the US, despite operating and being headquartered in the Nordics.

According to one study, only slightly more than half, 57%, of Swedish unicorn founders chose to build their companies in their home country,

with the same being true for 47 % of Norwegian founders and 32 % of Danish and Finnish founders.

Many of the remainder go to the US to take advantage of its famously deep capital markets.

This is where Nordic Compass comes in.

Formed in May, it's an industry alliance aiming to develop proposals to solve growth financing and build support among businesses, with some heavyweights such as the Wallenberg Foundation,

Saab, Nokia, Novo Nordisk, Nordia and many more as members.

Ahead of its first meeting in Gothenburg in November, the alliance is rumoured to be putting forward a formal proposal to merge the four stock exchanges.

The Nordic countries are small, populated by roughly 28 million people across the four of them,

but Nordic investors and pension funds manage close to 4 trillion euros and take in more than 150 billion euros a year.

The hope then is that pooling these resources together would convince more firms to list their companies on a Nordic exchange.

There are some reasons to believe this would be helpful.

Some companies that are too big for any of the European stock exchanges, but too small to compete on the New York exchange, end up instead being acquired by larger US companies.

For example, PayPal bought iZettle, Visa bought Tink, and Workday bought Sana.

Had there been a viable alternative capital pool with less competition yet more money, they may have chosen an IPO in their home market rather than an acquisition.

In Europe, more broadly, liquidity fragmentation is cited as a key challenge by asset managers.

It would also mean a stronger global position, potentially even attracting foreign firms to list in the Nordics.

However, there are a few roadblocks.

First of all, Nordic Compass is an industrial alliance, not an institution.

Whatever they may present in November is a proposal which would require political will from all four countries to come to fruition.

A unification is not just one simple reform, it includes harmonising everything from bankruptcy proceedings to corporate governance law and market abuse regulations.

Furthermore, centralising may harm smaller markets and the firms that service them.

There's a fear that activity may naturally gravitate towards the bigger, more liquid venue, which is Stockholm in this case, and may then leave smaller markets such as Helsinki thinner.

This is not to mention the fight that would likely ensue over the placement of the exchange, which may revive some bitter feelings between the four.

There's also the issue of ownership and governance.

Nasdaq owns and operates the Copenhagen, Stockholm and Helsinki stock exchanges, while Euronext operates Oslo.

This raises some awkward questions.

Who controls strategy, technology and fee structures?

How are revenues and costs split between national entities.

Euronext has signalled openness to the idea, but in practice a deal will have to be agreed between the operators.

Nordic Compass has stated that work is still preliminary, so whether the conference in November brings a firm proposal or just further analysis remains to be seen.

The notion that the political establishments in each country, with their fragmented politics and different priorities,

have either the will or the power to actually enact this idea seems even more remote.

However, it is an important signal when major actors across financial institutions, from massive foundations to banks to multinational companies,

all gather under the banner of one idea.

Whatever the result, should the Nordics come to an agreement and successfully unify the capital markets, it will provide an interesting lesson to the E6 and Europe as a whole.

I've already told you about one of the articles in the next issue of too long.

But there's so much more inside you're going to want to discover.

So if you subscribe using code SUMMER26, you'll not only get 20 % off every issue as a subscriber,

you'll also get an additional £3 off your first issue, bringing the cost as low as £4 .99 for a digital edition.

And yes, if shipping, or increasingly tariffs, are making deliveries to wherever you live a little too expensive, you can get a digital version sent straight to your inbox

plus we actually earn more from digital editions as we actually lose money on shipping

so it's also a better way to support the channel this

is a good first issue to jump on board with too it's our longest ever 84 pages

and it contains stories from all across the world including burnham here in britain the wars in ukraine

and iran china and the us's relationship a bit from the vatican

and of course the cover story on the plan to rebuild europe it also contains articles from our superb new writers, Natasha, Isaac, and Ebba.

So make sure to use code SUMMER26 at checkout and become a Too Long subscriber today.

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このレッスンの語彙とスピーキングのポイント

このスピーキングレッスンは、動画「The Plan for a Unified Nordic Stock Exchange Explained」を教材にしています。繰り返し出てくる語は次のとおりです：Nordic, exchange, capital, stock, companies。この動画には、シャドーイング用の文が89文、単語が1533語あります。音声の長さは8:50です。話す速さは1分あたり約174語で、日常会話に近い自然なペースです。英語の頻出3,000語に含まれる単語は79%だけなので、語彙は難しめです。

この動画の重要語彙

動画に出てくる覚えておきたい単語15語を、発音と意味つきで紹介します。

単語	発音	意味
investor 名詞	/ɪnˈvɛs.tə(ɹ)/	投資家, 出資者
proposal 名詞	/pɹəˈpoʊzəl/	提案, 求婚
founder 名詞	/ˈfaʊ̯n.dəː/	創設者, 創立者
alliance 名詞	/əˈlaɪ.əns/	同盟, アライアンス
lend 動詞	/ˈlɛnd/	貸す
institution 名詞	/ˌɪn.stɪˈtʃuː.ʃən/	制度
priority 名詞	/pɹaɪˈɒɹɪti/	優先, 優先権
euro 名詞	/ˈjʊɹoʊ/	ユーロ
subscribe 動詞	/səbˈskɹaɪb/	購読する
entrepreneur 名詞	/ˌɑn.tɹə.pɹəˈnɝ/	企業家, 起業家
fragment 名詞	/ˈfɹæɡmənt/	断片, 破片
subscriber 名詞	/səbˈskɹaɪbɚ/	購読者, 加入者
vast 形容詞	/væst/	広大な, 莫大な
earn 動詞	/ɝn/	稼ぐ, 得る
naturally 副詞	/ˈnæt͡ʃ.(ə.)ɹə.li/	勿論

動画に出てくる句動詞

単語	意味
get off 動詞	降りる

この動画の文法

話し手がよく使っている文型を、動画の実際の表現とともに紹介します。

文型	動画での表現
現在完了形 have/has + 過去分詞 — 過去の出来事が今も関係している	has really happened · has emerged · has spelled
受動態 be + 過去分詞 — 誰がするかより、何が起きるかに焦点を当てる	are known · should be noted · being headquartered
関係詞節 who / which + 節 — 人や物について情報を加える	them, which means · venue, which is

注意したい発音

話し手はthey're, we're, you'llなど、短縮形や弱形を16回使っています。聞こえたとおりの短い形で発音しましょう。

「th」の音: thin /ˈθɪn/, gather /ˈɡæðɚ/, furthermore /ˈfɜː(ɹ).ðə(ɹ)ˌmɔː(ɹ)/, altogether /ɔl.tuˈɡɛð.ɚ/, thrive /θɹajv/
「sh」と「zh」の音: essentially /ɪˈsɛnʃəli/, institution /ˌɪn.stɪˈtʃuː.ʃən/, recognition /ˌɹɛkəɡˈnɪʃ(ə)n/, establishment /ɪˈstæb.lɪʃ.mənt/, ownership /ˈoʊnɚʃɪp/
長い単語（アクセントの位置に注意）: essentially /ɪˈsɛnʃəli/, institution /ˌɪn.stɪˈtʃuː.ʃən/, priority /pɹaɪˈɒɹɪti/, entrepreneur /ˌɑn.tɹə.pɹəˈnɝ/, naturally /ˈnæt͡ʃ.(ə.)ɹə.li/

日本語話者が苦手な音：

/r/ と /l/ の区別 — /l/ は舌先を歯茎につけ、/r/ はどこにもつけない: proposal /pɹəˈpoʊzəl/, broadly /ˈbɹɔːdli/, naturally /ˈnæt͡ʃ.(ə.)ɹə.li/, elsewhere /ˈɛlsˌʍɛɹ/, formal /ˈfɔɹməl/
/v/ — /b/ にならないように、上の歯を下唇に当てる: investor /ɪnˈvɛs.tə(ɹ)/, governance /ˈɡʌvəɹnəns/, vast /væst/, solve /sɒlv/, discover /dɪˈskʌvə/
/f/ — 「フ」ではなく、上の歯と下唇で出す: founder /ˈfaʊ̯n.dəː/, fragment /ˈfɹæɡmənt/, formal /ˈfɔɹməl/, successfully /səkˈsɛs.fə.li/, suffer /ˈsʌfɚ/

この動画での練習方法

まず声を出さずに動画を最後まで聞き、知らない単語をメモします。
まず0.75倍速で一文ずつシャドーイングし、慣れてきたら通常の速度に戻します。
自分の声を録音して元の音声と比べます。investor, proposal, founderなどの単語に特に注意しましょう。

シャドーイングとは？英語上達に効果的な理由

シャドーイング（Shadowing）は、もともとプロの通訳者養成プログラムで開発された言語学習法で、多言語習得者として知られるDr. Alexander Arguelles によって広く普及されました。方法はシンプルですが非常に効果的：ネイティブスピーカーの英語を聞きながら、1〜2秒の遅延で声に出してすぐに繰り返す——まるで「影（shadow）」のように話者を追いかけます。文法ドリルや受動的なリスニングと異なり、シャドーイングは脳と口の筋肉が同時にリアルタイムで英語を処理・再現することを強制します。研究により、発音精度、抑揚、リズム、連音、リスニング力、そして会話の流暢さが大幅に向上することが確認されています。IELTSスピーキング対策や自然な英語コミュニケーションを目指す方に特におすすめです。

シャドーイングのやり方: ステップ別の完全ガイドを読む →

シャドーイング練習: The Plan for a Unified Nordic Stock Exchange Explained - 動画で英語スピーキングを学ぶ

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