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For example, in the time between the Treaty of Utrecht 1714 and the War of the Austrian Succession in 1740.

What if, after, the end of the War of Spanish Succession, and with Habsburgs no longer threatening to surround France on all sides, the French decided to to ally with the Habsburgs and the Habsburgs reciprocated?

With Spain out of Habsburg hands, Paris could recalculate its European interests and judge that the Habsburgs are in most cases sufficiently distant from the border to be considered a benign rather than threatening power, despite the exception of the Austrian Netherlands.

Plus, this alliance ends the unnatural enmity between the two greatest European Catholic dynasties.

What would be the consequences for European diplomacy if the Bourbons and Habsburgs reconciled by say 1720, and did not fight again through the 1700s, barring a revolution at least?
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