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In page Michael III:

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Though Michael was allegedly prone to squander money, his reign stabilised the economy, and by the year 850 the empire's annual revenues had increased to 3,300,000 nomismata.[citation needed] The definitive end to iconoclasm early in his reign led, unsurprisingly, to a renaissance in visual arts. The Empire made considerable advances in internal organisation and religious cohesion, and it had more than held its own against the Abbasid Caliphate. Most importantly Bulgaria had been transformed into a religious and cultural satellite of Byzantium. Much of the credit for these achievements, however, must go to Theodora and Theoktistos up to 855, and Bardas and Petronas thereafter.[6]