Economy
One of Monaco's main sources of income is tourism. Each year many foreigners are attracted to its casino (which citizens are prohibited from) and pleasant climate. In 2001, a major new construction project extended the pier used by cruise ships in the main harbour. The principality has successfully sought to diversify its economic base into services and small, high-value-added, non-polluting industries, such as cosmetics and biothermics.
The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network (Monaco Telecom) used to be fully owned by the state; it now owns only 45%, while the remaining 55% is owned by both Cable & Wireless Communications (49%) and Compagnie Monégasque de Banque (6%). It is still, however, a monopoly. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.
Monaco is not a member of the European Union. However, it is very closely linked via a customs union with France, and as such, its currency is the same as that of France, the euro. Before 2002, Monaco minted its own coins, the Monegasque franc. Monaco has acquired the right to mint euro coins with Monegasque designs on its national side.
Read more about this topic: Religion In Monaco
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)