Caramel Cake with Salted Caramel Italian Meringue Buttercream. If you’ve never had Italian Meringue Buttercream, you are missing out on a great pleasure and should rectify the situation immediatly. Like, today. It’s sublimely smooth, rich and etherial, and not too sweet. I’ve never met anyone who doesn’t love it – even the “non-frosting” people (you know who you are).