Monaco’s new Minister of Finance and Economy, Frédéric Cottalorda, has signalled a more cautious approach to public spending while insisting the Principality must continue investing in long-term growth and international competitiveness…
In his first major interview since taking office on April 1, Cottalorda outlined a strategy focused on budgetary discipline, economic diversification and Monaco’s ongoing efforts to be removed from the Financial Action Task Force grey list. As interviewed by and reported on by Monaco Matin, the minister said the government must ensure “every euro spent is well spent” as exceptional revenues linked to major real estate developments such as Mareterra and Testimonio begin to decline.
Cottalorda stressed that Monaco’s anti-money laundering reforms remain a top priority, particularly demonstrating the effectiveness of sanctions and regulatory enforcement. While acknowledging significant progress, he suggested removal from the FATF grey list as early as June may be optimistic.
The minister also highlighted plans to strengthen Monaco’s financial sector through diversification into high-value activities such as private equity, while maintaining support for traditional pillars including tourism, real estate and international business.
On domestic issues, Cottalorda defended recent salary increases for civil servants as necessary to protect purchasing power against inflation and confirmed that the government is reviewing the long-term financial model behind the Carlo app.
Despite geopolitical tensions abroad, he said Monaco’s economy remains resilient, with tourism even benefiting from shifting international travel patterns and growing interest from investors seeking stability and security.
Image: Communication Department