It is obvious that we have become more dependent on the large emerging economies, especially China and Russia. Given the growing importance of both Russia and China, it is interesting that within both the EU, and also the euro area, different countries still have different economic ties with these two emerging giants. Partially these differences are driven by geography, partly by economic structure.
BIS central bankers’ speeches  3  For example, on the import side Russia is Finland’s most important trading partner, accounting for some 18% of all imports. This is mainly due to the high level of natural gas and crude oil imports from Russia, together with the relatively high price for these commodities.