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.
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
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
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
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
Priority Monaco 24, Horizon Monaco 2, Monegasque
Union 1 (2018)
Main parties with mandates in the second most
Horizon Monaco 20, Union Monaco 3, Renaissance List 1
70% in the 2018 parliamentary elections
parliamentary elections 2023