At the Breakfast Conference organised by the Junior Chamber International Monaco (JCI), Pierre-André Chiappori, Minister of Finance and Economy, delivered a clear and straightforward vision of the Principality’s major economic priorities.
At the outset of his speech, Mr Pierre-André Chiappori sought to reassure the audience about the current state of Monaco’s public finances. ‘The Principality’s economy is doing well, very well indeed,’ he said. Despite an uncertain international context, Monaco’s macroeconomic indicators remain strong, buoyed by rigorous management and continued attractiveness.
The Minister highlighted the robustness of public revenues, the budget surplus and the dynamism of key sectors such as real estate, financial services and high-end tourism. ‘We benefit from a diversified, competitive economic fabric that is aligned with the specific characteristics of our territory,’ he said.
This healthy economic foundation gives the Principality strategic leeway to look to the future with confidence and ambition. With this in mind, Mr Chiappori outlined the Prince’s Government’s current areas of focus, which revolve around digital transformation, financial innovation and strengthening economic sovereignty.
Addressing the subject of crypto-assets, the Minister expressed a nuanced position: ‘I am very wary of cryptocurrencies, at least those that are not based on real currencies. Bitcoin is something I view with the utmost suspicion.’ On the other hand, he highlighted the potential interest of tokens, digital assets issued and exchangeable on a blockchain, perceived as ‘a financial innovation that allows for a much more flexible version of property rights.’
On this point, Mr Chiappori reiterated that Monaco is actively engaged in adapting its regulatory framework: ‘Our goal is to have this law adopted by the end of 2026.’ This reform aims to take European developments into account while preserving the stability of the Monegasque model.
In line with a strategy of rational diversification, the Minister referred to the development of new financial activities such as investment funds and private equity: ‘These are activities that could, at least in part, be located in Monaco,’ while acknowledging the structural limitations of the territory.
He emphasised the need to identify legislative and administrative obstacles in order to enable these activities to become established on a long-term basis, within a framework aligned with Monaco’s economic identity.
With a critical eye informed by his dual career in France and the United States, Pierre-André Chiappori shared some fundamental thoughts on the role of the State in innovation: ‘The State cannot predict innovation. I am wary of the idea that the State can decide the direction we should take.’
Nevertheless, he recognised the legitimacy of certain strategic choices ‘that are appropriate to Monaco’s geography and economic sociology’, while calling on entrepreneurs to cultivate their uniqueness: ‘Your happiness lies in the fact that your ideas do not reflect common ideas.’
Photo: Pierre-André Chiappori, Minister of Economy and Finance, and Hanna Derrien, President of JCI.
