Recent Italian historical studies concur in saying that one cannot talkof "Fascist" foreign policy before the end of the tvventies. It is true thatFascism came to power in October 1922. But until 1929 Italian foreignpolicy was decidedly subordinated in Mussolini's strategy to domestic andfinancial considerations.1 There were two kinds of reasons: a subjective onewhich aimed to see Fascism grow stronger at home; and an objective one,which concerned the stagnation of the international scene not allowing muchflexibility avvay from the mainly traditional foreign policy Mussolini had tofollow in this period. It is also true that, at the very beginning, Mussoliniwas thought to have considered Fascism as a legitimizing ideology for hisforeign policy.2A change in this situation occurred, on account of the great economiccrisis (1929). A more dynamic foreign policy was needed to bolster economicpolicies aiming at new markets for Italy in the Danubian-Balkan region.