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From the first 1920s, Romania and Italy took different positions on the situation ratified by the Peace treaties of Paris, which constituted the main objective obstacle for any attempt of durable approach between Rome and Bucharest in the following years. If Rumania, after the annexation of Transylvania, was satisfied with the territorial arrangement achieved, in Italy the myth of the "mutilated victory" began to spread. If the Romanian diplomacy aimed at preserving the so-called status quo, the Italian diplomacy first of all since the end of the 1920s, aimed at changing the territorial situation on its Eastern boundaries. In the economic field, Rumania offered to Italy great opportunities to exploit its raw materials, whose low price seemed very desirable to the Italian investors. In the cultural field, one may notice the substantial success of the propaganda of the Institute of Italian Culture of Bucharest. [ABSTRACT FROM AUTHOR]