The history of Bologna goes back to the 6th century B.C.E. when the Etruscans settled down in the area and named it "Felsina". It was later taken over by the Romans who renamed the city Bononia, which then became Bologna. In 1088, the Alma Mater Studiorum was founded making it the oldest university in the history of Europe. Bologna is one of the most developed cities in Italy from both the economic and social perspective. It thrives on its strong, industrial tradition as well as on its strategic location, situated at the intersection of the most important highways and railways in the country. It also offers a wide range of highly developed social services rooted in a strong history of regional cooperation, allowing Bologna to rank among the top 5 positions in Italy for its quality of life standards. Current living costs in Bologna for a student is approximately €600 per month.