Unfortunately, Italian teams have not raised the Champions League since 2010, but it must also be said that in the following years there was a chance to win several times with Juventus and Inter last year. Unfortunately they didn't manage to raise it, but I believe that in the years to come and with all these new owners of the top Italian clubs, Inter Juventus and Milan will have further chances to win the Champions League. At least I hope so
Italian teams are not weak. However, they are not interested in spending a lot of money on squad formation. So even though the performance of Italian teams is stable, none of the Italian teams have a squad strong enough to win the Champions League title.
Inter Milan and Juventus are strong teams. And their management is rich enough. If these two clubs target the Champions League title and form squads, then these two teams will be able to dominate the Champions League. But they will not be interested in spending huge amounts to buy players. They will form a stable squad. But I don't think they will try to build a very strong squad.
Serie A has 5 club representatives entering the UCL next season, this is clearly very good for showing each other stronger competition and showing that representatives from Serie A cannot be underestimated. Bologna is the last team fighting to keep their ticket. In terms of development, I admit that Bologna is quite positive. Last season they were only able to finish in 9th place and now with Vincenzo Italiano they have managed to improve the situation.
Italian teams deserve to be watched out for, even though they are limited in budget, but filled with talented players, they are still able to provide equal resistance to Europe's elite teams. Not just Serie A, because now the Bundesliga is also bringing its 5 best teams to show off their skills in the UCL.
I agree with you that although Serie A clubs have limited budgets, almost every squad has talented players. And these clubs are also capable of doing well in the Champions League. 5 teams from Serie A will play in the Champions League next season. We will see teams from Serie A in the quarter-finals or semi-finals. However, there is no team in Serie A worthy of winning the Champions League title. Even the Inter Milan team is far behind Munich, Madrid or City.
The target of Serie A teams is not to win the Champions League title. If they want to win Champions League title then they need to invest more money and strengthen the squad. Otherwise, they are unlikely to perform well against the likes of City, Madrid and Munich.