But if the FSA has seen the light, European directives that pay insufficient heed to the City's unique position increasingly tie the regulator's hands. These absorb 85% of the FSA's policy time, says Mr Sants, who sounds a cool note about the worth of the latest directive—on markets in financial instruments—for the City. Against this background, Mr Lascelles gives the FSA grudging praise: “It's not so much that it has been good but that it has been less bad than elsewhere.”
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a grudging praise 勉强的赞扬
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