As I have observed in the past, the Italian economy can withstand an end to the low interest rate regime with no risk to economic activity or the public finances, provided that fiscal policy remains anchored to stability and that the reform process aimed at strengthening the economy continues.
Some distinguishing features of the EMEs  The emerging markets and developing economies grew by 5.8 per cent during the past ten years as against 2.7 per cent growth in the advanced economies. This phenomenon is currently lending credence to the argument that growth in the emerging countries can perhaps help, to some extent, offset an economic slowdown in the US.