And the reaction of the Italian government to the week's events suggests that the salotto buono has not closed down altogether.

ECONOMIST: Italian telecoms

Pirelli's boss, Marco Tronchetti Provera, 53, though very much from the salotto buono himself, is typical of the new breed of Italian managers who promote the need for opening up.

ECONOMIST: A survey of Italy

Mr Romiti is a formidable Italian industrialist of the old school, skilled at bullying the workers and the government for the greater good of Fiat, but hardly the sort of figure to impress international shareholders outside the salotto buono of Milan.

ECONOMIST: Car making in Italy