While keeping up with academic research, which is very important for central banks, we must at the same time refrain from jumping immediately on the bandwagon of every new paradigm that is proposed by some academic researchers. Prematurely accepting new, untested theories entails the risk of serious policy errors if such work turns out to be flawed.
Given the importance of these rapidly growing economies, it is no surprise that that their share in the foreign trade of the EU countries has also grown. Last year, China accounted for 8.4% of all exports for the EU as a whole, while Russia’s share was 6.4%.