Well...yes...and no.
Italy is the one to blame for skipping and not showing interest in EL for a long, long time. It's reflecting now when Italy is about to lose CL spot next year. Yes, EL gets you much less money than CL but it should not be ditched just like that. It's not like we have Florentino Perez and Berluska here.
When or if we show less interest in EL we're at the same time losing revenues and helping Germany take 4th spot. In other words, we're destroying ourselves because WE are the ones that have to worry about that spot now, not Inter or Milan since they have a better squad.