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Monaco’s prosperity has been built on tourism and the country’s status as a tax haven. The country has also developed a banking sector, and has encouraged the formation of small, high-value-added, nonpolluting industries. The government appears intent on maintaining the policies that have created its economic success, namely levying no income tax and low business taxes. The government also retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service, which it shows no sign of relinquishing. Prince Albert is a committed champion of environmental issues. The principality has a climate and energy plan and is committed to reducing its greenhouse gas emissions by 20% over 1990 levels by 2020. Monaco has a vigorous industrial sector that represents some 11% (US$3 billion) of the national economy. Around 150 shipping companies are based in the country and generate 4% of national economic turnover. Every day 28,000 French and 6,000 Italian citizens commute into Monaco for work, and the tiny principality with its 32,000 inhabitants has some 44,200 jobs.

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Further reading on Monaco


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