Dudes, EPL is still the better league, lets stop kidding each other. The best English teams aren't as superior as they used to be but the best Italian teams aren't (yet) stronger than they used to be in the last 4-5 seasons. Only Juventus, due to its style of play, could realistically challenge the best English teams, but the problem is that Juventus lacks individual quality and if we were in the EPL we too weren't gonna do great there.
The main problem with the lower quality in England compared to the previous years is the exodus of some top players and the aging of others, without replacing them. Even if we talk about new blood in EPL, it's concentrated in City (Silva and Aguero primary) while the others are still struggling to find the great Henry, Ronaldo, Drogba, Scholes, Beckham, Giggs, Gerrard, Lampard, Vieira, Fabregas, even Xabi Alonso, Carvalho etc.
Right now the gap still exists between serie A and EPL. I expect it to disappear in some years, but it won't be a surprise if it would take more than 3-4 years. The first thing that needs to be done is Milan, Inter, Juve and even Roma to get the best players from the smaller teams (Alexis Sanchez, Cavani, Hamsik, Pastore, Lavezzi, Hernanes, Jovetic) instead of letting them go to Spain, France, England and Germany, and then to add more such quality from the other leagues. Until that happens, serie A won't come even close to EPL, no matter how much weaker that league becomes with years.