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By House of Luxembourg I mean main line of Dynasty (Bohemian-Hungarian-Imperial not their poor cousins of Saint-Pol), with latest possible POD (so Sigismund of Luxembourg has second child with Barbara of Cili, son born during second decade of 15th century). What would be consequences? House of Luxembourg would partially take place of OTL Habsburgs (who are not going to rise in importance without Imperial title returning to them) but not exactly-House of Luxembourg dominated HRE since times of Charles IV but had no stricte German lands under their rule. Their power base was Bohemia and Hungary, in both kingdoms their position was weakened (in Bohemia by Hussite Wars, in Hungary by childless death of Sigismund's first wife Mary d'Anjou) and they were endangered by Ottoman expansion. Not counting episone of Albert II's rule Hungary was outside control of House of Habsburg or at least Imperial branch of House of Habsburg until Ferdinand I. ITTL Holy Roman Emperors would be thus much more busy in Hungary and Balkans,thus less active on other fronts (especially in Italy) and would not have that much conflict of interests with France. Having their core practically outside Germany, wouldn't Luxembourgs lose Imperial title eventually? There is big chance that later generations of Luxembourg dynasty would end Hungarianized.
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