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So as some of you might not know Otto the Great was the founder of the Holy Roman Empire as we know it. This foundation came from his intervention into the disintegrating Kingdom of Italy, his assumption of the protection of the papacy and subsequent Papal coronation as Emperor of the Romans. However, before he crossed the Alps he was a highly successful King in Germany, inheriting a powerful realm from his father Henry the Fowler and further centralizing royal authority over the dukes and the Church. In some ways the intervention into Italy was a long-term disaster; it split the German Kings attention between Germany and Italy and insured that future sovereigns would always have to focus on multiple realms, eventually destroying central authority in Germany for centuries to come.

So my question is this: what if Otto the Great never intervened in Italy for whatever reason? Maybe Adelaide of Italy is forced to marry Adalbert of Ivrea before she can escape, never offering her hand to the German King. Or someone else intervenes first, like France or the Byzantines. Or hell maybe the rulers in Italy manage to get their acts together and save kingdom from outsiders. The point is Otto never has the opportunity/reason to intervene in Italy and stays focused on Germany.

The most obvious change is the Holy Roman empire as we know it is never formed. But what else changes? Would Germany remain a centralized Kingdom under the Ottonians? Would Italy eventually develop its own polity and fully independent government? Would someone else develop a Holy Roman Empire analog? Basically whats the long-term repercussions to Italy and Germany remaining separate?
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