Monaco is a sovereign city-state and microstate on the French Riviera in Western Europe. The principality is home to 38,682 residents, of which 9,486 are Monégasque nationals. Prince Albert II is the head of state, but the Minister of State wields immense political power. Monaco is not formally a part of the European Union, but it participates in certain EU policies, including customs and border controls.
About Monaco in brief
Monaco is a sovereign city-state and microstate on the French Riviera in Western Europe. The principality is home to 38,682 residents, of which 9,486 are Monégasque nationals. With an area of 2.1 km2, it is the second smallest sovereign state in the world, after Vatican City. Prince Albert II is the head of state, but the Minister of State wields immense political power. The House of Grimaldi has ruled Monaco, with brief interruptions, since 1297. Monaco is not formally a part of the European Union, but it participates in certain EU policies, including customs and border controls. It is also the host of the annual street circuit motor race Monaco Grand Prix, one of the original Grands Prix of Formula One and birthplace of Scuderia Ferrari driver Charles Leclerc. The state has no income tax, low business taxes and is well known for being a tax haven. Over 30% of the resident population are millionaires, with real estate prices reaching €100,000 per square metre in 2018. Monaco has a land border of 5. 47 km and the world’s shortest coastline of approximately 3. 83 km ; it has a width that varies between 1,700 and 349 m. The highest point in the state is a narrow pathway named Chemin des Révoires on the slopes of Mont Agel, which is 161 metres above sea level. The name comes from the 6th-century BC Phocaean Greek colony, Monoikos, from the Greek’single house’ or ‘house’ The only temple in the area was the temple of Hercules, which bears the sense of ‘House’ in the sense that it was only the only one built in the whole of the area.
In more recent years, Monaco has become a major banking centre and has sought to diversify its economy into the services sector and small, high-value-added, non-polluting industries. It joined the Council of Europe in 2004 and is a member of the Organisation internationale de la Francophonie. It has a club football team, AS Monaco, who compete in the French Ligue 1 and have become French champions on multiple occasions. Through its relationship with France, Monaco uses the euro as its sole currency; prior to this it used the Moné Gasque franc. Despite Monaco’s independence and separate foreign policy, its defence is the responsibility of France. In 2005, Monaco’s land mass has expanded by 20 percent, with a population of only 1.974 km2. Monaco is about 15 km from the border with Italy, and its most populous ward is LarvottoBas Moulins with aPopulation of 5,443 as of 2008. Monaco’s mild climate, scenery and gambling facilities have contributed to the principality’s status as a tourist destination and recreation centre for the rich. Since the late 19th century with the opening of the state’s first casino, the Monte Carlo Casino, as well as a railway connection to Paris.