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The Régence was the period in French history between 1715 and 1723 when King Louis XV was considered a minor and the country was instead governed by Philippe II, Duke of Orléans as prince regent. This was not the only regency in French history but the name is still associated with this period. Philippe was able to take power away from Louis-Auguste, Duke of Maine who had been the favourite son of the late king and possessed much influence. From 1715 to 1718 the Polysynody changed the system of government in France, in which each minister was replaced by a council. The système de Law was also introduced, which transformed the finances of the bankrupted kingdom and its aristocracy. Both Cardinal Dubois and Cardinal Fleury were highly influential during this time. Contemporary European rulers included Philip V of Spain, John V of Portugal, George I of Great Britain, Charles VI, Holy Roman Emperor, and Victor Amadeus II of Sardinia, the maternal grandfather of Louis XV.