The present note provides an analysis of the effects generated by the Accordo Quadro (Outline Agreement) on two fundamental issues concerning the industrial relations: the contractual model and the safeguard of wages purchasing power. On both the themes the Accordo Quadro does not fulfill the expectations and it also leaves unresolved knots. Thus, the judgment on the agreement is negative and it is wished that the social parties will have, in a near future, the capabilities and the courage to innovate the industrial relations system, creating a participative productive model on which basis to settle the recoup of firms competitiveness