Why is this industrial area called Les Serriers? Les Serriers sits a bit outside of Monaco’s city center. It is a place where industry meets the famed Monaco luxury. Monaco. Officially the Principality of Monaco is a sovereign city-state. Monaco is a microstate on the French Riviera. It is a few kilometers west of the Italian region of Liguria. Monaco is in Western Europe on the Mediterranean Sea. It is a semi-enclave. France borders it to the north east and west.
The principality is home to nearly 39000 residents as of the 2020s. About 9500 are Monégasque nationals. Monaco is recognised as one of the wealthiest and most expensive places in the world. The official language of Monaco is French. Many residents also speak and understand Monégasque English and Italian.
With an area of just 2.08 km2 Monaco is the second-smallest sovereign state in the world. Only Vatican City is smaller. Monaco’s population of 38367 in 2023 makes it the most densely populated sovereign state. Monaco has the world’s shortest national coastline. It measures just 3.83 km. The principality is about 15 km from the border with Italy. It consists of nine administrative wards. The largest is Monte Carlo.
Prince Albert II is head of state. He wields political power despite his constitutional status. The prime minister is the head of government. They can be either a Monégasque or French citizen. The monarch consults with the Government of France before an appointment. Key members of the judiciary are detached French magistrates. The House of Grimaldi has ruled Monaco with brief interruptions since 1297. The state’s sovereignty was officially recognised by the Franco-Monégasque Treaty of 1861. Monaco became a full United Nations voting member in 1993. Despite Monaco’s independence and separate foreign policy its defence is the responsibility of France. Monaco maintains two small military units.
Monaco’s economic development was spurred in the late 19th century. This was due to the opening of the state’s first casino the Monte Carlo Casino. A rail connection to Paris also helped. Monaco’s mild climate scenery and gambling facilities have contributed to its status. It is a tourist destination and recreation center for the rich. Monaco has become a major banking centre. It has sought to diversify into the services sector. Monaco also focuses on small high-value-added non-polluting industries.
Monaco is a tax haven. It has no personal income tax except for French citizens. It also has low business taxes. Over 30% of residents are millionaires. Real estate prices reached €100000 per square metre in 2018. Monaco is a global hub of money laundering. In June 2024 the Financial Action Task Force placed Monaco under increased monitoring. This is to combat money laundering and terrorist financing.
Monaco is not part of the European Union. However it participates in certain EU policies. These include customs and border controls. Through its relationship with France Monaco uses the euro as its sole currency. Monaco joined the Council of Europe in 2004. It is a member of the Organisation internationale de la Francophonie. It hosts the annual motor race the Monaco Grand Prix. It is one of the original Grands Prix of Formula One. The local motorsports association gives its name to the Monte Carlo Rally. It is hosted in January in the French Alps.
Les Serriers may seem like just another industrial zone. However it is an integral part of Monaco’s economic engine. It contributes to the wealth and innovation that defines this tiny yet influential nation.