Babette and the Belgian Bourbons

Louise Élisabeth "Babette" de France, eldest daughter of Louis XV, wife of the Infante Felipe of Spain, and mother of the duke of Parma, and the queens of the Romans and Spain, was scheming with Empress Maria Theresa during the Seven Years' War (around 1757), to have her husband named ruler of the Austrian Netherlands, in exchange for which he would cede the duchies of Parma etc back to the Empire.

Now, Babette died in 1759, and her husband was too unambitious to ever angle for a throne of his own. But what if somehow that Austria had traded the remainder of the Burgundian Inheritance (which had by the 1740s/1750s become little more than an albatross around their neck) for Parma (which might end up being united either with Tuscany or with Modena). And what effects might this generate not only amongst the Spanish Bourbons (Isabella Farnese was still alive), but amongst the French Bourbons and Europe as a whole?
 
the real issue is Italy

I don't think a bourbon state in what was then the Austrian Netherlands would have a lasting impact. First of all the area is rather small. Only about half of today's Belgium. (everything south of Brabant would still be an independent prince-bishopice of Liege, everything west of Bruges was firmly in French hands ever since Louis XIV.) Secondly, the state would have a lifespan of barely 50 years. If in the aftermath of the French revolution it would not revolt against its authoritarian rulers like it did in our timeline, it would certainly be one of Napoleon's first conquests. And I doubt the congress of Vienna would restore it to pre-revolution status.

So the real impact would be Austria gaining Parma and some other choice pieces of Italy, and again being a strong player in the region. What would happen to 'Belgium' would only be of interest for architecture buffs researching the history of the palaces in Brussels.
 
I don't think a bourbon state in what was then the Austrian Netherlands would have a lasting impact. First of all the area is rather small. Only about half of today's Belgium. (everything south of Brabant would still be an independent prince-bishopice of Liege, everything west of Bruges was firmly in French hands ever since Louis XIV.) Secondly, the state would have a lifespan of barely 50 years. If in the aftermath of the French revolution it would not revolt against its authoritarian rulers like it did in our timeline, it would certainly be one of Napoleon's first conquests. And I doubt the congress of Vienna would restore it to pre-revolution status.

So the real impact would be Austria gaining Parma and some other choice pieces of Italy, and again being a strong player in the region. What would happen to 'Belgium' would only be of interest for architecture buffs researching the history of the palaces in Brussels.

I know that the French didn't like it when Louis XV gave back the conquered Austrian Netherlands, because he didn't wish to make peace as a merchant, could this perhaps go some way to assauge this feeling? Or not really, since the region would not be connected directly to France?

What impact might it have if Austria were to regain parts of Italy. I understand La Farnese wouldn't be happy about it, especially since Parma was her birthright, not her son (or her daughter in law)'s to barter away with for a better crown as they saw fit. And also, as I understand it, at the time of the 7YW, there was some serious consideration that the duke of Parma would succeed his brother in Naples? And I imagine that Parma would either be returned to Austria, gifted to Savoy or D. Luis would be invested with it.
 
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