The structure of governance of its overseas empire was significantly reformed in the late 18th century by the Bourbon monarchs. Although the Crown of Castile attempted to keep its empire a closed economic system under Habsburg rule, Castile was unable to supply the Indies with sufficient consumer goods to meet demand. This allowed foreign merchants from Genoa, France, England, Germany, and the Netherlands to take advantage of the trade, with silver from the mines of Peru and New Spain flowing to other parts of Europe. The merchant guild of Seville (later Cdiz) served as middlemen in the trade. The crown's trade monopoly was broken early in the 17th century, with the crown colluding with the merchant guild for fiscal reasons in circumventing the supposedly closed system.[12] Spain was largely able to defend its territories in the Americas, with the Dutch, English, and French taking only small Caribbean islands and outposts, using them to engage in contraband trade with the Spanish populace in the Indies.