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@Rik_Van_Looy
^ You'd be better able than me to rule out the possibility of a Japanese/Korean builder....
Without knowing the seatpost diameter, frame serial and BB threading, gut feel is italian - Olmo would be my wild stab in the dark.
Prominent features (ignoring fork crown) are brake bridge, track ends, seat lug & BB.
Track ends look Campag/Gipiemme which initially suggests a italian or UK builder but doesn't really rule anything in or out... BB shell looks pretty high end (slotted BB shells are not unkown on italian frames but more common here in the UK) . Brake bridge certainly looks Italian and so does the seat lug.
Here are a couple of moser & olmo frame features to show the sort of thing I'm talking about....
Really though you'd want to know whether or not the BB was italian or BSA threaded and whether the tubing was metric 28.0 or imperial 28.6mm OD to narrow down any further.
http://www.retrobike.co.uk/forum/files/olmo_3_202.jpg
http://t1.gstatic.com/images?q=tbn:ANd9GcTp8Xt8-GPD6yhdOjnLrOG7V9SvlJNHwLaZfetaxrJUdvvt5wShTA https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSI2r2_pfh9EYP_BVqTwJjztMut6ataYXa5y2QrfTWxSUaL0t_C