Speaking at the Clinuvel Soirée at Monte-Carlo One on Saturday evening, Minister of Finance Jean Castellini said that Monaco has an ecosystem that excels in stability.

The Principality operates with a magical formula, the long-serving minister said: “The formula is 0-0-2. We have no debt, no structural deficit, and two years of budget surplus, which has just turned into three.”

In challenging times there will be those who wither away, but Monaco is reinventing itself every day, he said.

He added that Dubai occupies 35 square kilometres and Singapore 730. Monaco, on the other hand, has two square kilometres of space: “We need to be very selective.”

“Monaco is a world beater,” he concluded.

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FILE PHOTO: Minister of Finance Jean Castellini