The Genoese built a fortress on the site of present day Monaco in 1215. The current ruling GRIMALDI family first seized temporary control in 1297, and again in 1331, but were not able to permanently secure their holding until 1419. 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.
party to: Air Pollution, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands, Whaling
signed, but not ratified:
none of the selected agreements
none; there are no first-order administrative divisions as defined by the US Government, but there are four quarters (quartiers, singular - quartier); Fontvieille, La Condamine, Monaco-Ville, Monte-Carlo; note - Moneghetti, a part of La Condamine, is sometimes called the 5th quarter of Monaco
the US does not have an embassy in Monaco; the US Ambassador to France, currently Ambassador Charles H. RIVKIN, is accredited to Monaco; the US Consul General in Marseille (France), under the authority of the US ambassador to France, handles routine diplomatic and consular matters concerning Monaco
note:music adopted 1867, lyrics adopted 1931; although French is much more commonly spoken, only the Monegasque lyrics are official; the French version is known as "Hymne Monegasque" (Monegasque Anthem); the words are generally only sung on official occasions
Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a banking center and 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. Monaco, however, is not a tax-free shelter; it charges nearly 20% value-added tax, collects stamp duties, and companies face a 33% tax on profits unless they can show that three-quarters of profits are generated within the principality. Monaco's reliance on tourism and banking for its economic growth has left it vulnerable to a downturn in France and other European economies which are the principality's main trade partners. In 2009, Monaco''s GDP fell by 11.5% as the euro-zone crisis precipitated a sharp drop in tourism and retail activity and home sales. A modest recovery ensued in 2010 with GDP growth of 2.5%, but Monaco''s economic prospects remain clouded in uncertainty tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded a budget deficit of 1.3% of GDP in 2012. Monaco was formally removed from the OECD''s "grey list" of uncooperative tax jurisdictions in late 2009, but continues to face international pressure to abandon its banking secrecy laws and help combat tax evasion. 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.
TV Monte-Carlo (TMC) operates a TV network; cable TV available; Radio Monte-Carlo has extensive radio networks in France and Italy with French-language broadcasts to France beginning in the 1960s and Italian-language broadcasts to Italy beginning in the 1970s; other radio stations include Riviera Radio and Radio Monaco (2012)