Plausibility Check: Iberian Superpower

Would it be possible for the Spanish Empire, under the reign of Felipe II, to conquer the Italian city-states, establishing an Ibero-Italian union which later would proceed to become a world superpower?
 
Why conquer them? The vast majority (The Duchy of Savoy and the Venetian Republic being the only exceptions) tended to march lockstep with Spain, owing to the Army of Italy in Milan. When the Italian Wars were said and done, Spain already had de facto domination over the Italian peninsula. They got the benefits without any of the negatives (such as having to pay for more garrisons and administrative costs).
 
Why conquer them? The vast majority (The Duchy of Savoy and the Venetian Republic being the only exceptions) tended to march lockstep with Spain, owing to the Army of Italy in Milan. When the Italian Wars were said and done, Spain already had de facto domination over the Italian peninsula. They got the benefits without any of the negatives (such as having to pay for more garrisons and administrative costs).


I had the idea of a Spanish economic crisis which a king decided he would end by conquering the rich Italian ports and territories. Or the Spanish deciding to eliminate a possible new Italian superstate (Florence, Venice or the Papal States) which was rising in the time. Or the Spanish deciding to occupy the Italian territories in Italy after a French resurgence.
 
The Italian states weren't that rich or powerful during this time. The penisula had be a battle ground for many years.
 
What about if I reform the idea to be under Charles' reign, and that it was influenced on an earlier (say, the Medici's early years) consolidation of the Italian states into a loose federation? The Italian states would be richer then, and the Spaniards would have to take some kind of action to keep Naples under their command.
 
The French invasions and the wars of the various Leagues were extremely distructive. But even then if the Italian states are richer, they will be even better able to protect their independence than OTL. I think the Spanish could rule southern italy, but northern italy is very different.
 
Would it be possible for the Spanish Empire, under the reign of Felipe II, to conquer the Italian city-states, establishing an Ibero-Italian union which later would proceed to become a world superpower?
Ahem. Not under Phillip II, though it is an Iberian superpower. ;)
 
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