This article assesses the behaviour of three actors, the government, the opposition and the President of the Republic, in the first two years of Berlusconi's government. Though solidly controlled by Berlusconi, his government has already had to replace two important ministers and some under-secretaries and has often behaved like a traditional coalition government. Moreover, it has so far achieved virtually none of the promises made in the 'Contract with the Italians'. It is feebly challenged by a divided opposition, unorganized, leaderless, unable to create a shadow government and just waiting for Romano Prodi's return from Brussels. Precisely because of its weakness, the opposition has often tried to rely on the President of the Republic as a check on Berlusconi's exorbitant power. Indeed, Ciampi has intervened in a more or less controversial way in the drafting of some government bills and has sent a solemn message to parliament asking for a more impartial and pluralist information system; to no avail. However, Ciampi's role and behaviour suggest that the problem of the powers of the President of the Republic has not been solved. Berlusconi's own preference for a popularly elected president and his unsolved conflict of interests indicate that the political and institutional transition in Italy is not yet over.