Here are my favorite films from Italy (including co-productions).

Rated 10/10
Rome, Open City (Rossellini, 1945)
Shoe Shine (De Sica, 1946)
Bicycle Thieves (De Sica, 1948)
La Strada (Fellini, 1954)
Nights of Cabiria (Fellini, 1957)
La Dolce Vita (Fellini, 1960)
L’Avventura (Antonioni, 1960)
8 ½ (Fellini, 1963)
The Leopard (Visconti, 1963)
The Gospel According to St. Matthew (Pasolini, 1964)
The Good, the Bad and the Ugly (Leone, 1966) (Italy/Spain/West Germany/US)
Blow-Up (Antonioni, 1966) (UK/Italy/US)
The Garden of the Finzi-Continis (De Sica, 1970)
Last Tango in Paris (Bertolucci, 1972) (France/Italy)
Swept Away (Wertmüller, 1974)

Rated 9/10
Umberto D. (De Sica, 1952)
I Vitelloni (Fellini, 1953)
Amarcord (Fellini, 1974)
Padre Padrone (Tavianis, 1977)
The Best of Youth (Giordana, 2003)
The Great Beauty (Sorrentino, 2013)

Rated 8/10
Seduced and Abandoned (Germi, 1964)
Juliet of the Spirits (Fellini, 1965)
Once Upon a Time in the West (Leone, 1968) (Italy/US)
Satyricon (Fellini, 1969)
Roma (Fellini, 1972)
Seven Beauties (Wertmüller, 1975)
Allegro non Troppo (Bozzetto, 1976)
Suspiria (Argento, 1977)
The Night of the Shooting Stars (Tavianis, 1982)
Once Upon a Time in America (Leone, 1984) (Italy/US)
The Last Emperor (Bertolucci, 1987) (UK/Italy/China/France/US)