Austro-Italian ironclad arms race
Austria's defeat in the Seven Weeks War forced Austria to determine a new set of foreign and domestic policies for the future, as Austria's interests since the days of the Holy Roman Empire had primarily been found in Italy and Germany. The Empire thus reformed itself into the Austria-Hungarian Empire following the adoption of the Austro-Hungarian Compromise of 1867 (German: "Ausgleich"), which re-established the sovereignty of the Kingdom of Hungary and placed Hungarians within the Empire on an equal footing with Austrians. Under the "Ausgleich", Emperor Franz Joseph I would be crowned as King of Hungary, while a separate parliament at Pest with powers to enact laws for the lands of the Holy Crown of Hungary would be established.
Henry VII, Holy Roman Emperor
Henry VII (German: "Heinrich"; c. 1275 – 24 August 1313) was the King of Germany (or "Rex Romanorum") from 1308 and Holy Roman Emperor from 1312. He was the first emperor of the House of Luxembourg. 
During his brief career he reinvigorated the imperial cause in Italy, which was racked with the partisan struggles between the divided Guelf and Ghibelline factions, and inspired the praise of Dino Compagni and Dante Alighieri. He was the first emperor since the death of Frederick II in 1250, ending the great interregnum of the Holy Roman Empire; however, his premature death threatened to undo his life's work. His son, John of Bohemia, failed to be elected as his successor, and there was briefly another anti-king, Frederick the Fair contesting the rule of Louis IV.