Monaco Government

Monaco is an independent sovereign state and is a member of the United Nations since 2003, and the Council of Europe
since 2004.

It maintains, and is developing a network of embassies and consulates on every continent, and major countries, large and small, already have diplomatic representation in the Principality.

The present constitution was promulgated in 1962. Legislative power is held by a National Council of 24 members, elected by universal adult suffrage every five years. Executive power is vested in the Sovereign and exercised by a Council of Government consisting of four members presided over by a Minister of State, who is chosen by the Sovereign from a panel put forward by the President of France. The Sovereign is advised by his Government and has an absolute power of veto.

Monaco has not signed the Treaty of Rome and is therefore not a member of the European Union. By virtue however, of its Convention with France, it is in effect an associate member for most purposes. It is part of the EU customs zone, and its legal tender is the Euro.