Political stability is a key factor of the economic and financial stability of Monaco

Caspian Energy (CE): Mr. Castellini, how would you assess the current level of economic and financial stability of Monaco and France in general? 

Jean Castellini, Minister of Finance and Economy of the Principality of Monaco: Starting from 2012, the state budget has been once again closed with surplus after several years of deficit. The initial 2015 budget is no exception from the rule and also features a significant return to growth, since for the first time in 20 years it has been composed with surplus.

Actually, owing to His Serene Highness Prince Albert II (Prince of Monaco), who drew up a plan for his Government, Monaco has pursued a thrifty budget policy for the past 3 years.

It should be emphasized that this goal can be achieved without sacrificing investments, in particular real estate, which is necessary for the financial attractiveness of the country and well-being of its people nowadays and in the future as well, and even through forbidding cuts in the budget on some key sectors such as security, education, healthcare and social sphere so as to preserve the socio-economic model of Monaco.

At the same time, the measures taken to improve attractiveness of the state have enabled to increase revenues, even hit the historical record several times and for the first time pass the symbolic level of 1 billion euros in 2014.

So, I believe that the current level of economic and financial stability of Monaco is quite satisfactory. Moreover, it should be noted that Monaco has no debt and the state contingency fund is in excellent condition. It has grown over the past few years as a result of the aforementioned positive budget items and the profits from contributed investment.