Monaco is a country located in the region of Western Europe. See abbreviation for Monaco. When 81-year-old Prince Rainier died in 2005, he was succeeded by his son, Albert, who was 47 at the time. In the same year, Monaco entered into an agreement with the EU that allowed the Union to obtain information on criminals’ bank accounts in Monaco. The EU was also given the right to levy tax on interest rates on EU citizens’ accounts in Monaco. In 2009, Monaco was removed from the “black list” of tax havens.
The economic cooperation organization OECD, which included Monaco on the list in 2002, had persuaded the country to change its laws so that transparency increased and the exchange of information on bank assets improved. The same was true of several other small states, whose economies depended on the strong banking and financial sectors.
- Countryaah: Country facts and history of Monaco, including state flag, location map, demographics, GDP data, currency code, and business statistics.
Following pressure from the Council of Europe, France and Monaco signed an agreement in 2005 that allows Monegasque citizens to be eligible for government positions. Under the previous agreement, only French citizens could be members of the Government, among others.
In the 2008 National Council election, the Union for Monaco (UPM) was supported by 52 percent of the electorate, which was slightly smaller than in the previous election, but managed to retain 21 of the 24 seats. A new Valalliance, Collection and Questions for Monaco (REM) was given the remaining mandate. Stéphane Valeri was re-elected President.
In early 2010, Valeri instead became a member of the Government Council, responsible for social issues. It was the first time a President was appointed Head of Department.
A couple of months later, Michel Roger was appointed new prime minister, after Jean-Paul Proust who passed away a week later.
Many monegasks breathed a sigh of relief when the inebriated bachelor Albert 2010 got engaged, with a South African former Olympic swimmer. The wedding was held in July 2011.
The Grimaldi prince family has been extensively rewritten in the gossip and celebrity press ever since Albert’s father Rainier in 1956 married American movie star Grace Kelly. The happy image, with the hard-to-resist combination of Hollywood brilliance and ancient European monarchy, has gradually become stained by tragedy and scandal. Princess Grace was killed in a car accident in 1982, and Albert and his two sisters have figured in reports about disintegrating jet-set life and countless infidelity deals.
The unmarried Albert had no more than taken over as head of state until a new scandal ensued, when he acknowledged the paternity of a child. The following year, in 2006, he took on another paternity, for a 14-year-old resident of the United States. The princely house has assured that neither of the two children can claim the throne.
In the election to the National Council in February 2013, the alliance Horizon Monaco won a convincing victory under the leadership of entrepreneur Laurent Nouvion. Horizon Monaco’s election promises included completing two major construction projects and building 200 new homes by 2018.
In the summer of 2015, a decision was made to expand Monaco’s land area by 60,000 square meters, corresponding to 3 percent, through the construction of an artificial peninsula out in the Mediterranean. This would create housing for around 700 residents and erect shopping areas. According to plans, the complex would be ready by 2025.
In February 2018, it was again time for elections to the National Council. Stéphane Valeri, leader of a new Monaco priority list, won a grand victory and captured 21 of the 24 seats on the council. The turnout was slightly lower than the 2013 election, 70 percent. Horizon Monaco was given two terms and the Monegasian Union one.
FACTS – POLITICS
Principality of Monaco / Principality of Monaco
monarchy (principality), unitary state
Head of State
Prince Albert II (2005–)
Head of government
Prime Minister Serge Telle (2016–)
Most important parties with mandates in the last election
Priority Monaco 24, Horizon Monaco 2, Monegasque Union 1 (2018)
Main parties with mandates in the second most recent elections
Horizon Monaco 20, Union Monaco 3, Renaissance List 1 (2013)
70% in the 2018 parliamentary elections
parliamentary elections 2023