The main objective of this article is to examine the characteristic dynamics of second-generation social concertations and their results, based on the Italian case. From the analytical point of view, we seek to demonstrate that: a) the social concertation process emerged from the combination of a specific conjuncture marked by the imperatives of the European construct, an acute national political and economic crisis, and strategic choices by social actors; b) tripartite negotiation gave rise to a collective bargaining structure at two levels, capable of simultaneously guaranteeing wage moderation, maintenance of wage purchasing power, corporate profit margins, and companies' needs for flexibility, with the exception of flexibility in lay-offs.