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From the 1960s onwards, according to a timetable that varied from country to country, fertility rates fell sharply in all European countries, thus entering a ‘demographic winter’. This has particularly affected Italy, which now has the oldest population in Europe. This country has experienced unique natural and migratory trends, as well as unique causal factors, which raises four questions: what have been the specific demographic dynamics in Italy? Is the traditional dichotomy between northern and southern Italy still relevant? What explanatory elements? What future prospects are possible? The answer to these questions sheds light on the challenges that await the entire European continent in the coming decades.