1714 France and England send troops to reduce Catalonia. Barcelona taken by storm. The privileges of Catalonia abolished, and the Castilian constitution established there. Majorca submits. Philip marries Elizabeth Farnese. She gains unbounded influence over him, and makes Alberoni, an Italian priest, her chief adviser. He turns his attention to the revival of commerce and industry, economical reforms, and the reorganisation of the army and navy.
1715 Peace with Portugal. Colonia del Sacramento on the Rio de la Plata ceded to her.
1716-17 Triple alliance between France, England, and Holland to preserve the provisions of the treaty of Utrecht.
1717 Sardinia occupied by the Spaniards.
1718 Triple alliance between the emperor, France, and England. The Spaniards invade Sicily. Their fleet is destroyed by Byng in a battle off Cape Passaro. Alberoni concerts with count Görtz, minister of Charles XII of Sweden, a scheme for a joint invasion of Scotland by Sweden and Russia, which is frustrated by the death of Charles XII.
1719 Spain invaded by the French. A Spanish fleet, sent to restore the English pretender, dispersed by a storm. The allies ravage the Spanish coasts. Spanish reverses in Sicily. Holland accedes to the Triple, now the Quadruple, Alliance. Alberoni disgraced. Patiño succeeds him.
1720 Philip accedes to the Quadruple Alliance. Sicily ceded to Austria, and Sardinia to Savoy. Successful campaign on the Barbary coast.
1721 Defensive alliance with France and England.
1724 Philip abdicates in favour of his son Luis. Death of Luis. Philip V resumes the crown.
1725 The Spanish infanta, the intended queen of Louis XV, sent back to Spain. Philip’s agent, Ripperdá, concludes with the emperor the treaty of Vienna, securing the succession of Charles, son of Philip and Elizabeth Farnese, to Parma and Tuscany and arranging a commercial alliance.