Limiting the colony's to italy is great for realism, BUT the EB team has also upheld a policy of setting history out as how it was in 272BC and only limiting things that would have been highly unhistorical. I would hope that you wouldn't limit the colony construction based on date or reform, it would leave a bit of freedom for the player to expand at whatever speed they choose and in whichever direction they choose.
I personally would enjoy the game more the fewer restrictions you place on events taking place...within reason.
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