Italian security policy literature reveals, usually implicitly rather than explicitly, two distinct strains of analysis. One set of explanations, rooted in realist theory, views Italian foreign policy behaviour by reference to its power position. A second set of arguments, rooted in liberalism, assumes that policy-makers are ultimately influenced by domestic institutional factors in deciding foreign policy issues. The purpose of this article is to offer a theoretical contribution to the ongoing debate on continuity and change in Italian foreign policy. While neorealist and liberal theories have been widely used to explain the development of Italian international behaviour, neither approach has yet provided a full explanation of Italian security policy since the end of the Cold War. In contrast to these theories, it is argued that Italy has built its foreign policy on the basis of cultural considerations involving conflicting strategies of action.