Introduction
Monaco is a country located in the Western Europe. It is a small, independent state located between the French Alps and the Mediterranean Sea. The country has an advanced economy, which has global acknowledgement as a world’s luxury destination. It enjoys strong constitutional framework (Stoll-Davey, 2007).
The backbone of the Monaco economy is based on the stable financial institutions. In addition, the country relies on tourism and good climate to support its economy. The presence of cultural events and high class hotels is the major sources of attraction to tourists.
The infrastructure include: Good health care services, excellent education system and tax exemption for residence. These are the major strength factors for the Monaco economy (Temperman, 2010).
Monaco’s History
Monaco has been rated as one of the smallest independent state in the world. The country lies in the South-Eastern France, with many mountains on one side and the Mediterranean Sea on the other side. The climate of Monaco is favourable with sea breezes and frosts.
Monaco is considered to be at proximity from Italy and France. However, the Monaco’s small geographical size makes it lack natural resources especially land for commercial and agricultural purposes (Mobile Reference, 2011).
Geographical setting of Monaco
The country located between France and Italy. The geographical setting of Monaco indicates that Monaco is not only densely populated but also stands as a country with the smallest size. The lowest point of the country is on the border with the Mediterranean Sea.
The highest point is the slopes of Mount Agel, which is considered to be above sea level. Monaco has reclaimed some land from the Mediterranean Sea, hence increasing its size tremendously. The border to Mediterranean sea has made it easy to venture in the fishing industry.
The country enjoys warm Mediterranean climate with a humid of subtropical climate. It experiences warm, dry summers and rainy winters. It has cool and warm interludes (Hyde, 2010).
Institutions
The country has enjoyed stability long in 13th Century. The country is stabile with a clear constitution which defines the powers of the Prince. The Prince manages the powers of the executive and the government running policies. The Monaco government is composed of five ministers, also known as “Conseiller du Gourvernerment”.
The ministers have a representation of different ministries. This includes the youth, education culture and sports. The religious matters are also influential in the country because there is a minister for religious functions. There is a minister responsible for budget and the economy of Monaco. Monaco has its own legislative body which makes laws, and amends the laws to fit the circumstances of the day.
The legislative power rests on the national assembly. The assembly consists of 24 members elected to represent the citizens of Monaco. The judicial power is one of the most powerful wings of the Monaco government (Temperman, 2010).
The existence of any institution in Monaco has to take note of the fact that the country is a hereditary and constitutional monarchy. The principality of Monaco is that it is a city whereby the institutions available must be according to the guidelines spelt out in the constitution. The running of institutions is greatly influenced by His Serene Highness Prince Albert II.
The Prince has the powers to grant citizenship and Amnesty. The Prince is advised by the Council. The crown Council and the State Council are the main bodies that the King makes his consultations before he makes any decision. The consultations are mainly on issues of signing treaties and dissolving the National council. The council is also responsible for matters related to law and maintenance of order (Stoll-Davey, 2007).
The legislative power rests in the hands of the Prince and the National Council. It is only the two bodies who have the mandate to exercise the legislative powers. The country also ensures a clear separation of powers whereby the judiciary, the National Council and the prince powers are tamed. The courts are to exercise their powers while observing impartiality and fairness.
The department of Finance has an administrative unit which has the duty of overseeing all the financial transactions. The institution was established in 1994, and it is the sole administrative institution in Monaco. The main responsibility of the institution is to investigate any suspicious financial transactions.
The institution also investigates the observance of the law which governs institutions in Monaco. Its powers are extensive, and it can access a number of public databases. The institution is attached to the control of the Minister of the State (Mobile Reference, 2011).
The financial intuitions in Monaco are subjected to a scrutiny by the designated authorities so as to detect offences related to money laundering and other offences. The public prosecution has a wide discretion to prefer criminal charges upon completion of investigations. The institution is made up of two judges.
The judges have the powers to make direct investigation or use the police intermediary in the process of gathering enough evidence. These guidelines of investigation have taken sometime, and there is a recent consideration to review it. The risk of money laundering to the Monaco banks has been a major influence towards a need to have a strong institution for investigating different conduct.
The system, which allows the officers to rotate to different posts in the same institution, has been highly criticized, and there is a spirited campaign for the guidelines to be reviewed (Marshall Cavendish Corporation, 2010).
On the other hand, the country has established a Customs Union which was signed on 18 May 1963 under the Customs Conventions in Monaco. The institution has a leading role in identifying cross border transportation. The currency and negotiable instruments on the cross border dealings are closely monitored by the customs body.
The institution has maintained collaboration with the French government whereby necessary information is shared across the borders of the two countries. Bold steps to implement the law governing the cross border transactions have been taken (Kirk, 2002).
The banking sector in Monaco has borrowed a lot from the French government. The banks in Monaco are answerable to the political institutions. Many financial institutions in Monaco have had prudential aspects and the regulation of sound banking aspects in the country. The anti-money laundering arrangements in the Monaco are manned by efficiently.
The Monaco government has provided laws to cover different types of employees. There are obligations spelt out under the law whereby chances of money laundering and terrorism funding have been greatly minimized.
The issue of keeping anonymous accounts is not entertained in the running of financial institutions in Monaco. Institutions in Monaco are obligated to observe due diligence in all customers and to maintain high standards of verification of identity (Hyde, 2010).
Monaco’s social indicators have largely placed it at a level of world competitiveness. The country has free education program whereby children between the ages of six to sixteen are supposed to get compulsory education. The quality of primary, secondary and vocational education is enhanced.
The country has three private schools and ten government funded schools. The school curricula and the school programs highly resemble the French education systems. The country enjoys, high expectancy level and the population is rated among the oldest in the world (Haggett, 2002).
Monaco is also a member of different organizations under the United Nations Charter. This includes the International Atomic Energy Agency and the United Nations organization for Education. In acknowledging the role of protecting intellectual property, Monaco is a member of the World Organization for intellectual property. In addition, Monaco is a member of many intergovernmental organizations.
It has the cultural and technical cooperation organization. The mentioned agency was established with the sole aim of dealing with culturally related function within and outside Monaco.
Under the move to protect the plants and animals considered extinct, Monaco is a member of the Convention on International Commerce in Species of Wild Fauna and Flora. This is an international organization that protects and safeguards the extinction of endangered species (Haggett, 2002).
The Non-governmental Organizations are also part of the institutions in Monaco. They include International Diplomatic Academy that deals with diplomatic training in Monaco. The International Union for the Conservation of Nature has the leading role in facilitating the conservation of nature.
This is in order to prevent the abuse of the natural environment. The promotion of culture in Monaco has been through the Oceanographic Museum and Monte Carlo Masters. In this case, Monaco citizens gather for Opera, theatres, and jazz festivals. The main summer festivals are also held in the Oceanographic Museum. For the citizens who take part in gambling, the country has five Monte Carlo Casinos (Bourgne, 1997).
Religion
Monaco has a population of approximately 32,543. In the estimated population, 90% of the population is followers of the Catholic faith. Catholicism is the state religion. Although the country enjoys freedom of religion, the majority of the populations in the country are Catholics.
This has been through the influence of France and Italy neighbours. Christianity has greatly influenced the people’s living styles and the festivals that are observed. The religion has greatly been characterized by the absence of missionaries. The state strictly discourages any form of conversion.
Therefore, the country enjoys stable religious following without forced conversions. Therefore, majority of the Monaco population are staunch Christians. The culture of the Monaco People cannot be divorced from their religion. (Chon, & Maier, 2010)
It is worth noting that there are religious organizations in Monaco which are registered under the state. The culture of the people in Monaco is greatly influenced by the religion. The religion in Monaco plays a very critical role in the Monaco setting.
Special traditional ceremonies in Monaco are designed to conform to the religious feasts. Some of the notable rituals in the Catholic festival observed in Monaco include Easter, Feast Days, Saint John and Saint Blaise. The rituals in Monaco take place every calendar year. They kick start with torch processions and other recognized religious ceremonies.
In the faith of the Monaco religion, following the torch Procession marks the arrival of Saint Devote’s to Monaco. The Monaco people believe in life after death is based on the Catholic teaching of life after death. However, there are other religions in Monaco but their existence is not highly pronounced. The largest population has remained stuck to the Roman Catholic (Bourgne, 1997).
Living conditions
The country experiences an estimate of 300 days of sunshine annually. The advantage of the Mediterranean greatly promotes the seaside related activities. The presence of Southern Alps greatly promotes Ski slopes. The residents of Monaco are a representation of 108 different nationalities. The living conditions in Monaco are highly favourable with the country experiencing a huge income per capita level.
The country has a rating of the highest car ownership in the world. The country’s transport means are cheap and reliable with the frequency of a train being equated with that of a bus. There is the existence of world class housing in high demand with apartments ranging at $20,000.
The luxury houses and hotels have promoted tourism while placing the country in the class of the most expensive countries. The houses along the Mediterranean harbour are expensive with a bedroom at $600,000 (Lew, Hall, & Timothy, 2008).
There is stable security and street crimes are rare. The country has a reliable police with surveillance cameras. The attraction of the tourists has majored on the existence of a secure environment. The police are well trained, and they respond quickly to cases of crimes whenever they occur. In addition, Monaco citizens enjoy excellent health care which is available to everyone.
The good health and high expectancy level shows that most people enjoy good health. The average age is 46 years, and the urbanization rate is at 100%. The country is densely populated but has many millionaires (Bode, Reeve & Wolf, 1993).
People in the country embrace dressing in the latest fashions. There are strict regulations, which are geared towards decency in the society. The dress code in the beach is distinct from the allowable dress in public. There are posts to emphasize the importance of dressing decently.
A standard family in Monaco is made up of parents and one to two children. Family is considered a very important institution and divorce cases are very few. Church weddings are very common, and they are done according to the Roman church liturgy (World Health Organization, 1990).
Language
The Monaco constitution provides for the official language. According to Article 8, the official language is French. The language is spoken by everyone in Monaco. However, Monaco has three unofficial languages which include English, Italian and Liguria. Monegasque is the national language whereby 16% of the Monaco population speaks it. The Prince speeches are made in Monegasque (Bode, Reeve & Wolf, 1993).
Comments
Monaco has the smallest land, and it is rated as one of the densely populated countries in the world. The Country has a constitutional hereditary monarchy, whereby the Prince makes decisions which are in line with the constitution. The climate and the geographical setting of the country guarantee it a lot of advantages.
The presence of stable institutions has made it possible to get a regulatory framework to different situations. The health facilities, which are excellently managed, and the compulsory free education have improved the standards the country (Bourgne, 1997).
The presence of the strong religion which acts as a source of unity and shapes all aspects of the Monaco citizens is a very important feature worth noting. The official language and a reliable security system are very vital in Monaco. The presence of geographical settings and a climate which promotes tourism has been at the forefront in encouraging the economic stability of Monaco.
The living conditions are mainly favourable with a recorded expectancy of 80%. The country is densely populated, but its economy has made it rate has had more millionaires than many countries.
The streamlined economy has been through strong institutions and combating of money laundering and other forms of offences. The Prince has continuously maintained the rule of law in the country (Lew, Hall & Timothy, 2008).
Reference List
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Chon, K S & Maier, T A 2010, Welcome to hospitality: an introduction / Kaye (Ky Sung) Chon, Thomas A. Maier., Delmar/CENGAGE Learning, Clifton Park, NY.
Haggett, P 2002, Encyclopedia of world geography, Marshall Cavendish, New York.
Hyde, N 2010, Population patterns: what factors determine the location and growth of human settlements? Crabtree Pub, New York.
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Lew, A A, Hall, C M & Timothy, D J 2008, World geography of travel and tourism: a regional approach, Elsevier/Butterworth-Heinemann, Amsterdam.
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Mobile Reference 2011, Monaco Sights a travel guide to the top 15 attractions in the Principality of Monaco (Monte Carlo), MobileReference.com, Boston.
Stoll-Davey, C 2007, Assessing the playing field: international cooperation in tax information exchange, Commonwealth Secretariat, London.
Temperman, J 2010, State-religion relationships and human rights law towards a right to religiously neutral governance, Martinus Nijhoff Publishers, Leiden.
World Health Organization 1990, Occupational health services: country reports, World Health Organization, Regional Office for Europe [Copenhagen].