Russia's latest row with Georgia is not the only source of anxiety for its neighbours.

ECONOMIST: Ventures into the near-abroad

As the current row in Washington shows, the biggest source of such trouble has been export-promotion.

ECONOMIST: How not to deal with China

According to a Treasury source, there has been a "big row" on the European finance ministers committee, Ecofin, about this, with Mr Osborne and the Swedish finance minister pitched against their German and French counterparts.

BBC: EU block on making banks safer