On Friday 13 September 2013, Mr. Jean Castellini was the guest at Monaco Press Club, an occasion for taking stock of the Monegasque economic and financial situation.
All indicators are positive for the first six months of 2013: growth in numbers of jobs, employers, hours worked, average revenue by resident, and the tourist industry. These good results evidence the Monegasque economy’s capacity to adapt and develop in difficult international conditions. VAT returns are good, as well as the performance generated by Constitutional Reserve Fund investments. The setting up of firms – particularly small and very small ones but with high growth potential – remains sustained in many sectors. Creation of the Monaco Welcome & Business Office, the simplification of administrative procedures, and the Welcome Plan, are all measures which have contributed and will continue to win over the numerous assets which set up in Monaco.
Regarding financial activities, the assessment is also positive. Although Monegasque establishments have not been spared the restructuring and concentration of certain large world bank groups, the Monaco financial centre has shown its capacity to renew itself and diversify. Numerous quality actors - in the banking sector as well as asset management companies and hedge funds – continue to set up in the Principality.
The Minister then mentioned the Private Banking profession – the heart of the Monaco financial centre – emphasising the need to follow and accentuate an approach seeking "high end" clientele and able to offer them the best products and services. The key to success lies in recruiting and training increasingly qualified staff, while providing quality investments.
Thanks to these different elements, Mr. Castellini was able to announce that – as was already the case in 2012 – the State budget is expected to have zero deficit in 2013, while maintaining an ambitious major works policy, aid for industry and commerce as well as cultural activities contributing to Monaco’s image and standing.
Concluding, he was pleased to mention the existence of a specifically Monegasque "virtuous circle" through which the absence of public debt and structural State deficit contributes to strengthening the country’s attractiveness by showing investors that the Principality’s economic model is sound and long-term.
