For those seeking to interpret events in Italy this article is probably the best I've found that provides a good summary of the issues at stake. Renzi's proposed reforms represented pro-EU safeguards for Italy which increasingly finds itself in a volatile situation vis-à-vis the EU and in particular the Eurozone.
Renzi's predicted loss is now certain and what this means for the EU will become clear in the days and weeks ahead. This is a huge victory for the populist Five-Star movement and once again the EU Establishment suffers defeat. Will Italy be leaving the Eurozone, or even the EU? You can be sure that many forces will work to prevent either from happening but no one knows what the outcome will be. The powers that be in the West are shaken and scrambling to reconstitute power centres, political alliances and narratives. Populism and the Right are ascendant.
Renzi represented a pseudo- Anti-Establishment, akin to Syriza in Greece, Podemos in Spain and both the Sanders and Green Party movements in the USA. These forces represent a false front. Posing as radicals they are little more than weak (if disingenuous) reformists who wish to strengthen the existing system by 'tweaking' the parameters and most importantly the perceptions of the masses.
These forces are meant to serve as 'blow-off' or relief valves for popular discontent and anger. These methods and tactics have worked in the past but we seem to be in a new age. The old methods are failing. The reasons for this are many and worth exploring.
Regardless of the cause, one can be sure the phones are abuzz in Brussels as many a bureaucrat is seeking to contain the chaos and implement damage control.
The EU's only recent victory which does little to offset its setbacks is the defeat of the Right-wing candidate in Austria. Hofer and the FPÖ went down in defeat.