WI Italy had remained a monarchy?

WI the 1946 Italian referendum had a different outcome, with Monarchy being victorious? What kind of King Umberto II would be and how Italian politics would develop with the Savoia still at throne?
 
How close was he to the Fascist government? What were his opinions on Mussolini and the party? Was he for the war? Against the war? (His wife was a Belgian Princess.) How did the military look at him? I know his father Victor Emanuel III was for many outsiders considered a coward whose only goal was to support the government that would prevent him from losing his head in a revolution. (Or am I being unfair?).
 
Had VE III abdicated in 1943 and handed over the reigns then to Umberto after the Italian surrender it's likely that the monarchy is retained in TTL 's referendum. That would have allowed a lot of the monarchy's institutional baggage to be transfered onto VE III personally.
 
From what I understand, the Royalist sentiment was strongest in the south of Italy, just as the north was a center of Communist sentiment. I agree that VE had abdicated after he got rid of Mussolini and given the reigns to Umberto they may have more support. I think the best way is if Italy attempts to become a neutral power under Umberto who will passively allow the Allies to use their territory while laying down arms and keeping the Italians in the south not only alive but loyal to the government. With a real support they have a far better chance of survival. But to be honest the goal is to make themselves relevant to the post Fascist Italy.
 
probably much differences. King would be just formal head of state with same power as British monarch. Parliament would has actual political power. I could imaginate Italy being politically similar as OTL Spain.
 
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