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In 1997, the European Centre for the Development of Vocational Training (CEDEFOP) began a project to produce financing portraits of the vocational education and training (VET) systems within the individual Member States of the European Union (EU). This report focuses on Italy and provides a qualitative description of the movement of funding through VET structures, identifying funding sources and allocation mechanisms. This information is combined with quantitative data on expenditure for different training types, particularly initial vocational training, continuing vocational training and training for the unemployed. The authors highlight the fact that the Italian VET system has undergone considerable reform in recent years, affecting the system's structure, training supply processes, target groups, training content, and financing levels and procedures.