In 2011, Silvio Berlusconi’s government fell amid a severe financial crisis that called into question the sustainability of Italy’s enormous public debt. But Italy’s entire political class suffered a downgrade at the hands of Europe, the markets, national elites, and many Italian citizens. From the beginning of 2011, the parties appeared weak and lacking in any vision, capable only of reacting poorly to events and interpreting them within the tired pro-/anti-Berlusconi frame that had dominated politics for two decades. Throughout the year, those shaping the key events came from outside the main parties: the president of the Republic, Giorgio Napolitano; the new president of the European Central Bank, Mario Draghi; the leader of Confindustria, Emma Marcegaglia; the new mayors of Milan and Naples; the promoters of the referendums in June; and, last but by no means least, the European Union, foreign leaders, and the markets. In November, the downgrade of Italy’s parties was made official by the installation of a technocratic government, led by Mario Monti. By the year’s end, it therefore seemed clear that while the Third Republic had not yet begun, the Second was breathing its last.