Italy's much-delayed constitutional referendum looks like it will finally go ahead on 4 December. It has the potential to destabilize the European Union if the "No" vote wins. As described in a report by State Street Global Advisors (SSgA), Italy's referendum effectively pits the technocracy against the masses who have been riding a wave of anti-government and anti-EU sentiment, similar to what is occurring across the continent. While there is general agreement with Prime Minister Renzi's diagnosis that Italy lacks the institutions to solve its problems, his prescription to reduce the number of political parties is not as widely accepted. With the stability and even the existence of the eurozone in question, SSgA anticipates that Italy's referendum may be another step on the journey towards a radical reorganisation of Europe. The opinion polls are very close, with undecided voters being in the majority (see chart). As was the case with the Brexit referendum, the result is too close to call, a Prime Minister has staked his political future on the outcome, and the consequences are potentially far reaching.