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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