Living in Monaco

2019 02 26 villeroy de galhauSince its creation, the Monegasque Association of Financial Activities (AMAF) - which is at the heart of the action and reflection on reforms necessary for the development of the financial centre in the Principality - has proposed many meetings held throughout the year. In this context, a lunch debate was held on 31 January, with the attendance of many personalities including H.E. the Minister of State Serge Telle, Government Counsellor – Minister of Finance and Economy Mr. Jean CASTELLINI, the new CCAF President Mr. Gérard RAMEIX, and his predecessor Mr. Jacques-Henri DAVID. During the debate the Governor of the Bank of France, Mr.  François VILLEROY DE GALHAU, spoke.  Here is an extract from the talk he gave on a speech he delivered on the outlook for 2019:

2018 12 13 imseeToday, the Monegasque Institute of Statistics and Economic Studies (IMSEE) published the Gross Domestic Product (GDP) results. For the year 2017, this amounted to EUR 5.68 billion compared to 5.85 billion in 2016. Monaco's GDP declined by -3.5% (in volume terms, adjusted for inflation - see Table 1)*, mainly due to two sectors, construction and other service activities, the same sectors that produced the growth in 2016.

2018 12 14 conference surete publiqueOn Wednesday 5 December 2018, the Police Department, in partnership with the Monaco Association for Financial Activities (AMAF), held a conference and debate at the Auditorium of Monaco's Vocational and Catering School (Lycée Technique et Hôtelier) on issues related to security in the Principality of Monaco.

2018 12 ecosoc rougaignonAfter 27 years at the Economic and Social Council, including six terms as President, André Garino did not wish to be reappointed to this position.

2018 10 assurance monacoThe insurance market in Monaco is essentially a market of ‘agent principals’ that work for an insurer, more than 80% of which are existing firms (numbering around 40). However, brokerage activity is beginning to develop and the two biggest players on the market are in fact brokers that work for their clients and work with several insurers.

2018 09 17 monacotechFabrice Marquet, Director of the Monegasque incubator MonacoTech, is a scientist and has the pragmatism of one. After a PhD in biomedical engineering, he became a researcher at Columbia where he stayed for three years. For over a year now, he has headed up MonacoTech, the Principality's first incubator, a challenge he could not resist.

2017 10 budget primitifAt a press briefing today, the Minister of State and Jean Castellini, Minister of Finance and Economy, gave an overview of the 2018 preliminary Budget (PB).

2017 09 casteliniFinancial activities are one of the five pillars of Monaco's economy, with almost 116 billion euros in deposits and securities as at 31 March 2017. The sector is thus in good health, providing the state with increasing revenues which, in tandem with a sensible spending policy, has led to a balanced budget, and even a surplus.

2017 07 aci monacoSince 1992, ACI Monaco - The Financial Markets Association has been committed to promoting the founding values which it shares with its worldwide federation. It supports the development of social and business relationships for Monaco-based financial sector workers, and promotes training programmes, and the implementation of best practice for the profession. Through its actions, ACI contributes to the development of the banking and finance sectors in Monaco.

2017 06 franzi amafThe Association of Monegasque Financial Activities (AMAF) lies at the heart of the dynamics of the Principality's economy. The AMAF is essential to the development of the banking industry and oversees all the related institutions and companies.

2017 04 budget primitifDuring a press conference this morning, Jean Castellini, Minister of Finance and Economy, gave an update on the 2016 fiscal year, as well as presenting once again the main aspects of the preliminary budget for 2017 and talking about the early results of the current year.