Italian elections did not used to be like this — so closely fought, so ideologically polarized — in short, so like the American presidential elections of 2004 and 2000. But that was before the era of Silvio Berlusconi, the center-right politician, showman and self-made billionaire who came into this week's election as Italy's longest continuously serving prime minister since World War II.

After a long Monday night of seesawing returns, Italians awoke Tuesday to hear that Mr. Berlusconi had lost, by the narrowest of margins, to Romano Prodi, a center-left politician and economist. Mr. Prodi is Mr. Berlusconi's opposite in almost every way, from his radically unflamboyant demeanor to his governmental platform. Out of some 38 million votes cast, barely 25,000 separated the two sides. Mr. Berlusconi has yet to concede defeat and is calling for a recount.

So is Italy now doomed to five years of paralyzing deadlock? Probably not. If the current numbers hold, Mr. Prodi seems assured of a working legislative majority, provided he can keep together his sometimes fractious center-left coalition. But the slimness of that majority will make it harder for the new government to push through the fiscal, labor market and regulatory reforms that Italy badly needs to revive its flagging economy and provide for its aging population.