iShares MSCI Italy (EWI). Nearly every eurozone economy has grown since the year 2000, including Spain. The one exception? Italy. Employment data show that labor force participation for Italy is at a dismal 55.6%, well below the eurozone average of 63.8%.
Granted, I have been willing to invest in regional growth via iShares MSCI Small Cap EAFE (SCZ). This is a nod to the high probability of additional European Central Bank (ECB) stimulus as well as modest regional economic growth. However, peripheral countries like Spain and Italy could be the hardest hit should the ECB balk at cutting rates on March 6.