Monaco. According to countryaah, Monaco is the capital and one of the major cities within the country of Monaco. The head of state, Prince Rainier III, who has been on the throne since 1949, died in April, 81 years old. After three months of official country grief, his son took the title of Albert II in July. Just before that, the 47-year-old unmarried Albert had contributed to a new scandal in the paraphrased prince Grimaldi when he acknowledged paternity to an extra-marital son.
- Also see abbreviationfinder.org for how the acronym MC stands for the country of Monaco and other meanings of this two-letter abbreviation.
POPULATION AND ECONOMIC CONDITIONS
The resident population, distributed over the three contiguous urban areas of Monaco, Monte Carlo and La Condamine, counted, in 1998, 33,000 residents.
Since the currency is the French franc and there are no customs barriers with France, it is not easy to know exact data on the economic situation of the Principality. There are various industries (clothing, microelectronics, electrical materials, plastics, chemicals, pharmaceuticals, cosmetics), recalled by a favorable tax regime; the workers are mostly commuters from France and Italy. But the most important economic sector is the tertiary sector. Monaco has an efficient banking system, which allows capital to be transferred and managed discreetly around the world, and is the registered office of many large and small companies, which are here protected from the legislation of other European countries. Tourism is very active (around 250,000visitors a year) both for the fame of the hotels in Monte Carlo, which attract a select clientele, and for the presence of interesting attractions, such as the Museum of the Oceanographic Institute and the famous Casino. However, the local economic system, due to its particular structure, is quite vulnerable: for some years, therefore, the Principality has been trying to establish a more solid foundation, favoring foreign investment in the transformation activities established in its territory.