小協商
Only Italy saw the agreement for what it was. The Italian foreign minister, Galeazzo Ciano, remarked that it "marked a new phase in the crumbling of the Little Entente. Czechoslovakia is isolated. The French system of friendships is completely upset". The Bled conference itself was held without Italy or Austria being consulted and so was in violation of the Rome Protocols, which had been agreed to by the three powers in 1934, and of their supplementary agreements made during conferences at Rome (20–23 March 1936) and Vienna (11–12 November 1936). (At the latter, Hungary had received recognition that the Little Entente states had an interest in its re-armament.)