The major accomplishment of his administration was the conclusion with the Byzantine Emperor Michael VIII Palaiologos of the Treaty of Nymphaeum on 13 March 1261. The treaty obliged Genoa to furnish a fleet of 50 vessels, with their expenses paid by the Emperor, for service against Venice and in support of Palaiologos' aim of recovering Constantinople. In exchange, however, the Genoese secured very advantageous commercial terms; following a successful recovery of Constantinople, the Genoese stood to effectively inherit and even expand upon the privileged position that the Venetians held in the Latin Empire. In the event, Constantinople was recovered by the Nicaeans barely a fortnight after the treaty was signed, without the need for Genoese naval assistance. Nevertheless, Michael VIII scrupulously observed the terms of the Treaty of Nymphaeum, as Genoese naval strength was still necessary to confront a potential Venetian counterstrike while a native Byzantine fleet was slowly being re-established. With the Emperor's subsidies, the Genoese were able to increase their fleet strength considerably.