This chapter provides a thorough analysis of the ideological framework that underpins Fratelli d’Italia (FdI), contextualising the party within the wider landscape of contemporary Italian and European politics. Building on previous analyses of the post-fascist origins of Giorgia Meloni’s party, the chapter articulates the core elements of FdI’s “official ideology,” featuring sovereignism and conservatism as its two foundational programmatic pillars. These ideological cornerstones are articulated not only in the party’s discourse but also visually and symbolically, as exemplified by its logo for the June 2024 European Parliament elections. We engage with the argument that FdI represents a form of “return of politics” in a political environment often characterised by claims of post-ideological and post-democratic conditions and technocratic features, where traditional ideological divides are said to have eroded. The chapter also examines the relationship between FdI’s ideological narratives and the policies enacted by the Meloni government since it came to power. In particular, we scrutinise government actions in the realm of economic governance, using the example of the introduction—and subsequent rapid scaling back—of an extra-profits tax targeting Italian banks in August 2023. This episode highlights the discrepancy between the party’s nationalist and sovereignist rhetoric and the constraints imposed by financial markets and Italy’s broader economic context and reveals the tensions and contradictions between political narratives portraying FdI as a transformative force and the pragmatic compromises shaping actual policymaking. While acknowledging that exaggerating the threat posed by radical right-wing parties to liberal democracy can be misleading, the chapter emphasises the importance of recognising the gradual process of normalisation and mainstreaming of far-right extremism within Italy’s political system. This transformation, largely occurring from within established political and institutional frameworks, challenges traditional assumptions about the resilience of liberal democratic “antibodies” against democratic backsliding. The chapter concludes by emphasising the need for nuanced political analysis that considers not only electoral outcomes, but also the deeper and more subtle shifts that are currently reshaping the Italian political landscape.