The situation in Paderborn was unfavorable - it was in the midst of a major financial crisis and von Fürstenberg thus renounced the usual expensive festivities to welcome a new prince-bishops. However, this gained him the reputation of a miser among his subjects, who continued to oppose his attempted financial reforms. He made attempts to reduce the two bishoprics' debts, outstanding since the Seven Years' War, but the War of the First Coalition rapidly put an end to them. The poor financial situation also limited attempts by several parties in the prince-bishopric to promote trade - von Fürstenberg slightly loosened the previously strict restrictions relating to the trade guilds and promoted a more rational forestry policy, though the latter had little impact. His school reforms had a more lasting impact and were partly modeled on those of his brother Franz Friedrich Wilhelm von Furstenberg in the Prince-Bishopric of Munster. Franz's reforms put in place a new system of schools, teaching and teacher training as well as replacing Latin with German as the main language in which students were taught.