That central government was therefore forced to finance the war by transfers from other Habsburg lands, especially Spain itself.
This led to an enormous increase in the size of the Spanish public debt, which that country was ultimately unable to sustain, and hence to the need to accept Dutch independence in 1648.
This brought about a general revolt in the Netherlands, particularly in the northern provinces.
To that end it was necessary to put in place a number of fiscal reforms that would ensure that the public debt could be adequately serviced (thereby increasing the creditworthiness of his government).
In 1542 the president of the Habsburg Council of State, Lodewijk van Schoor, proposed the levy of a number of taxes throughout the Habsburg Netherlands: a Tenth Penny (10 percent tax) on the income from real property and private loans, and excise taxes on beer, wine, and woollen cloth.
Holland was now able to establish credit of its own, as the province was able to retire bond loans previously placed under compulsion as enforced loans.
By this it demonstrated to potential creditors it was worthy of trust.