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 About Monaco |
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The second-smallest independent state in the world, Monaco is a constitutional monarchy known as a haven for the wealthy, and a playground for tourists. The microstate appears as a kind of natural amphitheater overlooking the sea, with the Alpes-Maritimes foothills in the background.
Monaco made world headlines in 1956 when the former monarch Prince Rainier III married American movie star Grace Kelly. But the personal lives of the royal couple's daughters, Caroline and Stephanie, have had a less welcome press. Following the death of his father, Prince Albert became the reigning monarch of Monaco in April, 2005.
The economy of Monaco is primarily geared toward finance, commerce, and tourism. Low taxes have drawn many foreign companies to Monaco, and ever since the famed casino opened in 1856, tourism has thrived. Customs, postal services, telecommunications, and banking are governed by an economic and customs union with France. Monaco imports and exports products and services from all over the world. There is no commercial agriculture in Monaco.
Monaco is noted as a leader in the field of marine sciences. Its Oceanographic Museum, formerly directed by Jacques Cousteau, is one of the most renowned institutions of its kind in the world.
Founded in 1215 as a colony of Genoa, Monaco has been ruled by the House of Grimaldi since 1297, except when under French control from 1789 to 1814. Designated as a protectorate of Sardinia from 1815 until 1860 by the Treaty of Vienna, Monaco's sovereignty was recognized by the Franco-Monegasque Treaty of 1861. The Prince of Monaco was an absolute ruler until a constitution was effected in 1911.
In 1918, a treaty was signed providing for limited French protection over Monaco. The treaty, formally noted in the Treaty of Versailles, established that Monegasque policy would be aligned with French political, military, and economic interests. A new constitution, proclaimed in 1962, abolished capital punishment, provided for female suffrage, and established a Supreme Court to guarantee fundamental liberties.
In 1993, Monaco became an official member of the United Nations. It joined the Council of Europe in 2004. Although not a member of the European Union (EU), Monaco is closely associated with the economic apparatus of the EU through its customs union with France, and its reliance upon the euro as its official currency. |
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Location |
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Located on the Meditteranean coast, Monaco is on the French Riviera where the Alpes Maritimes meet the Mediterranean Sea. The microstate is 11 miles (18 kilometers) east of Nice, France, and is surrounded on three sides by France.
Monaco is divided into four sections: Monaco-Ville, the old city on a rocky promontory extending into the Mediterranean, La Condamine, the section along the port, Monte-Carlo, the principal residential and resort area, and Fontvieille, a newly constructed area reclaimed from the sea. |
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Population |
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While the population of Monaco is just over 30,000, due to its very small size, it is the most densely populated country in the world. The native people, comprising 20% of the population, are the Monegasque. Other groups are French, comprising 32% of the population, and Italian, comprising close to 20%. In addition, Monaco is home to more than 100 nationalities, including British, Swiss, German, Belgian, American, and others.
The population of Monaco is 90% Roman Catholic. |
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Language |
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The official language is French. English, Italian, and Monegasque, a blend of French and Italian, are also spoken. |
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Education |
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Education is compulsory for all children from age six to sixteen. The educational program and the diplomas obtained are the same as in France, the only difference being that in Monaco, children begin to learn English in elementary school, and they are introduced to the history and traditional language of Monaco. The rate of success for passing the French national Baccaluareate exam is close to 90%.
Primary education is provided for in four establishments. Secondary education is in the Lycee Albert I, the Technical Lyce of Monte Carlo, and the Charles III College. In addition, the private sector has educational institutions for primary, secondary, and technical education. |
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Weather |
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The weather in Monaco is Mediterranean, which means a mild climate throughout the year, with the hottest months being July and August, and the coolest being January and February. The average minimum temperature in January and February is 47F (8C), and in July and August the average maximum temperature is 78F (26C).
Rainfall occurs mostly during the winter months, and there is an average of only 60 days of rain per year. |
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Money and Cost of Living |
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The state has no income tax for individuals. This lack of personal income tax has led to a considerable number of wealthy "tax refugee" residents from European countries, who earn most of their income outside of Monaco. Living standards are high and expensive, roughly comparable to prosperous French metropolitan areas.
Monaco’s banks offer commercial and retail banking services, although many of them have increasingly focused on private banking and wealth management in response to the Principality’s specific features, and the needs and expectations of a sophisticated international clientele. As a result of agreements between France and Monaco, French banking law is applied in the Principality.
Banking hours are Mon-Fri 0900-1200 and 1400-1630. |
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Currency |
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The euro was introduced in Monaco on January 1, 1999, and since January 1, 2002 coins and bills were introduced, making the euro the Principality’s legal tender. |
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Health |
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Health insurance is recommended. Medical facilities are of a high standard.
No vaccinations are required to enter Monaco, but it is recommended to be up-to-date on routine immunizations such as hepatitus A and B, and tetanus-diptheria. Leishmaniasis, cutaneous and visceral, is found in countries bordering the Mediterranean. |
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Weights and Measures |
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Monaco uses the metric system, with units measured in grams and kilograms, and milliliters and liters. |
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Electricity |
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Monaco uses 127/220V and 50Hz electricity with C, D, E, and F plugs. C plugs, common in most universal adaptor sets, are the round pin attachment type and can be used with E, F, and some L receptacles. D and F plugs are round pin plugs. F plugs are the Schuko plugs and receptacles with side grounding contacts, that will accept type C and E plugs. |
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