The Peace of Utrecht established the principle that to preserve the balance of power, the thrones of Spain and France would remain separate, regardless of dynastic rules of inheritance. This makes it a significant milestone both in the development of the nation state and the concept of collective security. Britain is often portrayed as the main beneficiary of the war, with Utrecht marking the beginning of its rise to commercial domination of Europe. It ended the war as the largest naval power in the world while the Netherlands, France and Spain were economically exhausted and their fleets severely reduced. France accepted the Protestant succession, ensuring a smooth inheritance by George I in August 1714 and ended support for the Stuarts by the terms of 1716 Anglo-French Treaty. Possession of Gibraltar and Menorca gave British control of the Western Mediterranean and it gained commercial access to Spanish America; resentment over this would lead to the 1739 Anglo-Spanish War. Spain retained its independence, the majority of its Empire and Philip was confirmed as King; in return, they ceded the Spanish Netherlands and most of their Italian possessions to Austria, Sicily to Savoy and Gibraltar and Menorca to Britain. Under the Bourbons, it became far more centralised, the Nueva Planta decrees of 1707 abolishing regional political structures and transferring their powers to Madrid. Reforms strengthened state finances and Spain recovered remarkably quickly; while British naval power prevented the capture of Naples and Sicily in 1718, it successfully did so in 1734 with Menorca regained in 1782.. Which country ceded their Italian possessions to Austria?