By the mid-seventeenth century, Spain had lost its pre-eminence in Europe for all of the following reasons except

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While Spain did face declining silver shipments from the New World, lost the United Provinces and failed to permanently annex Portugal, faced growing upheaval in its Italian possessions, and faced competition from New World industries, the primary reason for Spain's loss of pre-eminence was not the incompetence of its leaders but rather a decline in economic and military power.

By the Mid-Seventeenth Century, Spain Had Lost Its Pre-Eminence in Europe