Crypto, economy, entrepreneurship, digital: Pierre-André Chiappori provides overview of Monegasque developments
The Minister of Finance and the Economy, Pierre-André Chiappori, was the morning guest at a JCEM conference © JCI
Invited to speak by the Monegasque Junior Chamber of Commerce and Industry on Tuesday 30 September, the Minister of Finance and the Economy outlined Monaco’s economic performance.
President Hanna Derrien opened the third JCI Breakfast Conference of the year at the Méridien Beach Plaza. Pierre-André Chiappori, Minister for Finance and the Economy, presented a remarkable economic report and announced the Principality’s strategic orientations.
Unparalleled economic health
The figures presented by the Minister speak for themselves. “The Monegasque economy grew in real terms, i.e. adjusted for inflation, by 5% per annum” over the 2019-2024 period, he announced. In comparison, the Eurozone “barely averages just over 0.5% a year.” Pierre-André Chiappori underlined how unique that performance is: “It is extremely rare for a landlocked economy to manage to grow four times faster than the surrounding area.”
This growth has been driven by major private investment programmes, particularly in property, as well as public projects such as the Mareterra extension. Contrary to conventional economic wisdom, Monaco has not suffered from any major budget deficits or inflationary pressures, thanks in particular to a cross-border employment pool of several hundred thousand people.
The Minister also confirmed that “the budget for 2025 will be in surplus,” continuing a tradition of budgetary discipline. The Principality has a reserve fund of around nine billion euros, “representing roughly one year’s budget,” and providing a solid capacity to absorb the downturn in neighbouring economies, on which Monaco also depends.
International compliance on track
Monaco has made considerable progress in terms of international compliance. The Principality has made a spectacular recovery after the highly critical Moneyval report of 2022-2023. “We are mostly or fully compliant on 39 of the 40 recommendations. The only remaining point is cryptos,” said Pierre-André Chiappori, adding that the government and the National Council are currently working on the last recommendation so that a bill can be passed into law by end 2026.
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Digital shift and administrative modernisation
The Minister highlighted the Monegasque administration’s major transformation. Having observed that certain regulations “dated back to 1828,” the government undertook a wide-ranging reform of company law. A preliminary law passed in April 2025 created single-member limited liability companies and simplified a number of procedures.
“To create a sole proprietorship, you no longer need to go through the process ‘on foot’. Everything can be done online,” he announced with satisfaction. The aim is to “systematically computerise all these procedures” within the next two years, including the introduction of online appointment systems.
Business start-ups and growth sectors
Business start-up figures confirm the Principality’s economic buoyancy, “with an increase of over 30% and around 393 structures created this year,”confirmed Stéphan Bruno, Director of Economic Development, who was also in the room. A trend is emerging: more one-person companies and less freedom of establishment, predominantly in consultancy, design offices and intellectual services.
When asked by the audience at the JCI Monaco about tomorrow’s sectors, Pierre-André Chiappori replied with a simple criterion: “A sector that will always interest the government is one that has a high added value per square metre, given our territorial constraints.” He mentioned investment funds and private equity as promising activities for Monaco.
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As far as financial innovation is concerned, Pierre-André Chiappori was cautious about crypto-currencies that are not backed by real currencies, such as Bitcoin, but enthusiastic about tokens, which he sees as an “extraordinary innovation with promising applications in terms of the notion of ownership.”
A message to entrepreneurs
The Minister ended on a personal note, speaking directly to the younger generation of entrepreneurs: “The advice I would like to give you is not to listen to advice, particularly when it comes from the administration,” he quipped. “The State cannot predict innovation. You are the ones who create wealth. The government is listening.” While rejecting the idea of French-style dirigiste planning, he encouraged entrepreneurs to develop their individuality and innovative ideas.