Italy

- David Willey

The final result of Scotland's independence referendum missed the early editions of Italy's morning papers, but Italian shares hit new two-year highs at the opening of Milan's stock exchange.

The "spread" between the price of Italian and German 10-year treasury euro bonds hit a three-year low - signifying increased confidence in Italy's financial credibility.

The leading daily Corriere Della Sera's headline ran: "UK remains united but will still change".

Former Prime Minister Enrico Letta tweeted(in Italian): "Scotland has decided. Good for us and for Europe. Now let's not ignore the intolerance and fears which encourage separatists."

"South Tirol is not Italy" - The Scottish referendum serves as an inspiration for German-speaking separatists in Italy's South Tyrol region.

Italy's Northern League separatist party, which dreams of setting up a republic called Padania in the Po River Valley, is currently in the doldrums after losing heavily at the last elections.

Meanwhile a nascent movement for the independence of Venice, in times past a powerful European nation-state, is not taken seriously in Rome.

Newspapers in the German-speaking South Tyrol, which passed to Italy after World War One, said that the Scottish referendum had been an "incredible success" simply because it had been allowed to be held.

Listeners calling in to a leading radio talk show complained that in contrast to what happens in the UK, Italian politicians seem unable to carry out long-desired constitutional changes and electoral reforms.