Some economies, as the HSBC advertisement amplifies, have transitted from Emerging to Emerged.
For those economies, it would be relevant to adopt policies which work in the major economies. Or, what doesn't work.
For instance, in the slowdown of 2008 before the big noise of Lehmann Brothers, the major economies were cutting down interest rate in 50 basis points, and so on, like is quite normal. Then they sprung into action and cut by 150 basis points, when interest rates were around the 4.5 percent mark. Even then, in summing up after the slowdown became the nightmare of a recession, it was concluded that the central banks had perhaps been not brutal enough in cutting interest rates quickly enough, and the economies had become quagmired in structural problems of un-viable interest rates which were feeding through the system.
It has taken such a long time to pull out of recession, with record low interest rates and several rounds of economic stimulus through quantitative easing and other measures.
The same warning bells, with 20/20 hindsight, can be rung for some of the Emerged economies, which could avoid the nightmare scenario by swift action. In today's global financial environment, the actions would be right and likely to do good rather than court any adverse effects to their economies.