Interactions controlling ionic motion and structure in liquid metals can be systematically developed beginning with the ultimate view of such systems as neutral assemblies of nuclei and electrons, and proceeding to standard reduced Hamiltonians reflecting assemblies of ions and electrons. The assumption of electronically rigid ion leads via response methods and pseudopotentials to statically screened ion-ion potentials and beyond. Fluctuations are introduced into this otherwise common viewpoint by relaxing the assumption of electronically rigid ion cores and also by treating electronic response beyond linear order. It is argued that both effects can lead to more attractive pair interactions and possibly to effects much larger than, for example, Friedel oscillations. These contributions are state (i.e. density) dependent and their presence might be expected on the basis of clustering behavior seen for some systems in their vapour phases. This leads to two limiting viewpoints on the liquid-state structure of such systems, the first as an entirely monoatomic phase but with a pair interaction that is unusual, the second as a system supporting transient clusters whose presence reflects the complexities argued on the basis of a more extended treatment of the electron problem. © 1990 Società Italiana di Fisica.