What I've found effective is to capture North Africa and then use Tunisia and Morocco to build Dragoons, roughly 1-2 turns to bring them to Paris. If you capture Morocco, Algiers and Tunisia you get decent amount of cash from each, I converted all ports into fisheries and exempted taxes to make cities grow so I could build churches (10 religious unrest otherwise). Sure this might cause slight rise in administration cost but it effectively decimates Barbary states and makes you the king of Mediterranean (if you destroy Savoy and Genoa).
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