I let the Itallians build up their Navy.

I started a game as the English and engaged in War with the French and later the Spanish after an unfair attack merrited the destruction of their faction. The year is 1305 or so and the Italians are the second bigest power after me and the biggest naval power. Not to mention that because I'm sharing Europe with them I have a huge border and about eight border armies all beefed up to repel an invasion.

Oh well, I gues I'll have to build up my ships.

As a final point, these guys are almost up to building Chiv knights, if they start pumping them out it'll be the first time I've ever had to fight them!