During the almost 56 years of his reign, Prince Rainier III (1923-2005) profoundly shaped Monaco, creating the modern, model State that we now know. The nickname “the builder Prince”, which was given to the sovereign, refers to the material growth of Monaco but also to the foundations that the Prince knew were necessary to secure a place for the Principality in the community of nations and also to fully bring Monaco into the modern era.
Rainier III knew how to develop industry to diversify sources of revenue. He developed hospitality and tourism, financial activities, and as a result of all this, he also developed the property market. The favourable economic climate which resulted from this made it possible to establish an exemplary social model, and, from the point of view of urban planning, also made it possible to increase the surface area of Monaco’s land by a fifth, by developing out into the sea.
In terms of domestic events, a new constitution was promulgated in 1962. It was revised in 2002 to make room for social and international developments.
In terms of international relations, Rainier III was committed to increasing Monaco’s recognition in the large international organisations. Consequently, the Principality became a member of UNESCO in 1949, AIEA in 1957, ACCT in 1970, which, in 2005, became the International Organisation of La Francophonie, CSCE in 1973 then OSCE. Membership to the UN became effective in 1993 but the Principality has had observer status since 1955. Finally, in 2004, Monaco became a member of the Council of Europe.
1923 - 2005