Italy (and many other European countries) could be great and wealthy countries once again, if only it wasn't for the witless bureaucrats in charge. The only thing we seem to be innovative at is coming up with ridiculous amounts of useless regulation.
How? That's like a dad telling his son "you can achieve anything you want" when the reality is he's already capped his max achievement potential with his barista job while still dreaming he's gonna make it big in Hollywood.
You're not gonna see an Italian/European flag on the moon anytime soon just because they did cool stuff in the past. A country is not some tiny ship you can turn around at a whim and become a US/Switzerland powerhouse overnight via some magic algorithm that the people in power were too stupid to see, the inertia of the status quo of a nation is insanely large. So the bureaucrats in charge aren't the only reason Italy and the EU is falling behind the US at the economy and innovations.
Also, speaking of the devil, those bureaucrats in charge are elected by the people and therefore a direct reflection of the population they serve, they're not some strange creatures shoehorned by aliens to rules us poorly, they're cut form the same cloth and are only doing what will get people to keep voting for them.
So if people vote trash candidates to power why are they surprised they get trash results? Stop rewarding bad behavior, and vote for someone else better. Now if all your candidates are trash, what does that say about the population and the culture as a whole? In this case do you think there's some redemption waiting around the corner for them for a spectacular turn-around or is simply the entire population as a collective at fault as well for their current situation?