Can and should the EU and Russia reset their relationship?

Russia's oil-fuelled boom has ended and President Medvedev is calling for radical improvements to the economy. Some EU politicians are tempted to offer Russia a 'modernisation partnership' to re-launch the stalled EU-Russia relationship.

However, any EU strategy that is predicated on positive change within today's Russia carries a big risk of failure. There is scope for constructive co-operation in energy and climate change. But the EU should cut back on summits, go slow on a new treaty and be prepared for disagreements over the common neighbourhood.