Monaco
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About
Monaco
Monaco
Population: 32,270 (July 2004 est.)
Languages: French (official), English, Italian, Monegasque
Capital: Monaco
Government Type: Costitutional Monarchy.
Independence Day: 1419 (beginning of the rule by the House of
Grimaldi).
Legal System: Based on French law; has not accepted compulsory
ICJ jurisdiction.
Currency: euro (EUR)
Executive
Branch:
Chief
of State: Prince RAINIER III (since 9 May 1949); Heir Apparent
Prince ALBERT Alexandre Louis Pierre, son of the monarch (born
14 March 1958).
Head of Government: Minister of State Patrick LECLERCQ (since
5 January 2000).
American
Embassy: None
Mailing Address: None
Telephone: None
General Overview: Economic development was spurred in the late
19th century with a railroad linkup to France and the opening
of a casino. Since then, the principality's mild climate, splendid
scenery, and gambling facilities have made Monaco world famous
as a tourist and recreation center.
Economic
Overview: Monaco, bordering France on the Mediterranean coast,
is a popular resort, attracting tourists to its casino and pleasant
climate. In 2001, a major construction project extended the
pier used by cruise ships in the main harbor. The principality
has successfully sought to diversify into services and small,
high-value-added, nonpolluting industries. The state has no
income tax and low business taxes and thrives as a tax haven
both for individuals who have established residence and for
foreign companies that have set up businesses and offices. The
state retains monopolies in a number of sectors, including tobacco,
the telephone network, and the postal service. Living standards
are high, roughly comparable to those in prosperous French metropolitan
areas. Monaco does not publish national income figures; the
estimates below are extremely rough.
International
Disputes: None
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