The United States’ dominance in artificial intelligence (AI) poses a significant challenge to Europe’s digital sovereignty, according to a new report from France’s Parliamentary Office for Scientific and Technological Assessment (OPECST). French lawmakers warn that the European Union’s approach to regulating AI is insufficient to match the technological strides made by the US and China.
At a press conference presenting the findings, Socialist Party Senator Corinne Narassiguin, one of the report’s three authors, stated, “The challenge is one of digital sovereignty, to avoid becoming a mere digital colony.” She emphasized the need for powerful French and European players in the AI sector to counterbalance American and Chinese dominance.
Europe lagging in AI value chain and expertise
The report highlights several vulnerabilities in Europe’s AI ecosystem, including its absence in critical segments of the supply chain such as the manufacturing of semiconductors and graphics processing units. It also points to a significant brain drain, with top European talent being lured to US companies. While the French AI company Mistral represents a notable exception, the report concludes that the US remains the “hegemonic power of artificial intelligence.”
Adding to Europe’s challenges, two-thirds of computer chips used in the US originate in Taiwan, underscoring the interdependence of global AI supply chains and the difficulty for any nation or region to achieve true autonomy in the sector.
Calls for unified international AI governance
The report comes ahead of France’s AI Action Summit, scheduled for February 2025. Lawmakers have called for the unification of global AI governance efforts under the United Nations. “The importance and specificity of AI call for the creation of a new specialised institution within the UN system,” the report proposes, with responsibilities spanning international AI regulation and efforts to bridge the global digital divide.
At the European level, the report advocates launching a collaborative AI project involving France, Germany, the Netherlands, Italy, and Spain. This initiative, while considered since 2017, has yet to be realized.
Balancing innovation with public trust
Despite its critique of Europe’s current position, the report notes the EU’s regulatory framework could instill greater public confidence in AI systems compared to those developed under less stringent oversight. Recommendations from the French parliamentary office will be presented to the French government as it prepares for the summit, which aims to chart a path toward an AI ecosystem that serves the public interest.
The Monaco Government has revealed that the Principality recently attained the European Energy Award (EEA) Gold Certification, a highly esteemed accolade that recognises the nation’s dedication to sustainable energy practices and climate policy. Achieving an impressive score of 80.2%, Monaco has secured its place among only a select few territories to achieve this pinnacle of environmental excellence.
The EEA Gold certification is reserved for regions and states that demonstrate exceptional commitment to reducing carbon emissions, safeguarding biodiversity and adapting to climate challenges, with this upper tier of recognition representing the highest distinction at the European level for entities devoted to executing their Climate Air Energy Plans effectively.
The achievement thus underscores Monaco’s success in implementing tangible actions that are building a forward-thinking, efficient and sustainable national energy strategy while highlighting the Principality’s leadership and unified efforts in environmental stewardship.
Monaco’s Environment Department is a decision-making member of the EEA Association alongside its equivalents from countries such as Germany, Austria, France, Italy, Liechtenstein, Luxembourg and Switzerland. By continuing this shared commitment, the Principality aims to pave the way for a more sustainable future for its residents and generations to come.
A statement from the government reads: “This distinction is a testament to the Principality’s concerted efforts and environmental leadership. Continuing this collective effort will build a more sustainable future for Monaco and future generations. Receiving this EEA Gold Label marks a major step in the implementation and monitoring of Monaco’s energy and climate policy, further demonstrating its exemplary role both nationally and internationally.”
Representatives for the Principality received the award during a ceremony held in Bolzano, Italy, on 28th November.
In the wake of Cyclone Chido, which has brought death and destruction to the French overseas territory of Mayotte, Prince Albert II of Monaco has written to President Emmanuel Macron, expressing his deep sorrow at the news and pledging his support to the people of Mayotte. Almost 70% of the island’s population is said to have been gravely affected by the devastating cyclone, with many hundreds, if not thousands, of people reported dead or missing.
A major cyclone struck the French overseas territory of Mayotte, which lies to the northwest of Madagascar, on 14th December. It has left widespread devastation in its wake; entire neighbourhoods have been levelled, with many thousands of people now homeless and without access to basic essentials such as fresh food and water.
Hundreds of people are missing or dead, leading the authorities on the island to estimate that the death toll may rise into the thousands.
In response to the disaster, which has wrought havoc on Mayotte’s fragile infrastructure, the French government has mobilised military aircraft and ships to deliver emergency aid and supplies. President Emmanuel Macron has announced his plans to visit the island. He has also declared that a national mourning period will be observed following “this tragedy that has shaken each of us.”
In Mamoudzou, the island’s capital, the destruction has been described as “total”.
Schools, hospitals, and homes have been reduced to rubble following winds that exceeded 220kph, stripping roofs and snapping palm trees in half, while storm surges rose as high as 8.5 metres in the worst-hit areas. Nearly 70% of the population has been gravely affected, according to France’s Interior Minister, Bruno Retailleau.
Electricity remains down across much of the island and telecommunications have been severely disrupted. The French Red Cross reported that rescuers are still searching for bodies, with many areas inaccessible due to the destruction, including Mayotte’s sole airport.
Monaco’s Prince Albert has addressed a heartfelt letter to President Macron, writing, “It is with deep emotion that I learned of the terrible destruction caused by the passage of Cyclone Chido in Mayotte. My family and the Monegasque population join me in expressing our sincere solidarity. Our thoughts go first and foremost to the victims and the missing, as well as to their loved ones. We also think of the injured, of all the people who lost their homes in this disaster, as well as the courage of the rescue teams.”
Prince Albert concluded by saying, “Be assured, Mr. President, of our full solidarity and our unwavering support in these very difficult times.”
Living in Monaco is the epitome of luxury, home to the world’s richest individuals who seek refinement and exclusivity coupled with a vibrant economy and political certainty.Investing in real estate in Monaco not only represents a sound investment but also a route to residency, and for those who desire it, citizenship.
Monaco’s real estate market is dynamic and fast-moving, with property prices up 60% compared to a decade ago, according to the latest Real Estate Observatory Report. The average price per square metre in 2023 was €51,418, according to the report, making Monaco the most exclusive property market in the world.
If you’re thinking about investing in Monaco, read on. Here, we outline some of the top luxury residences in Monaco and explain why you should make a Monaco property investment.
Why choose Monaco for luxury living?
There are many reasons why you should choose Monaco for luxury living, including prestige and exclusivity, safety and security, and its prime location in the heart of the Mediterranean.
Prestige and exclusivity
Monaco’s prestige and exclusivity are unmatched, with the city-state home to the world’s most elegant designer boutiques, Michelin-star restaurants, lavish hotels and spas, and world-class service providers catering to the world’s wealthiest individuals.
Monaco real estate is among the most coveted in the world
Safety and Security
Monaco is considered one of the world’s safest cities, thanks to its low crime rate and high number of police officers – approximately one police officer per 100 residents. According to the World Risk Index, which assesses 193 countries on a complex interplay of natural hazards and social, political, and environmental factors, the Principality of Monaco ranks second, just behind Andorra.
Prime Location
Monaco boasts an enviable location near the French Riviera. Its central position puts key European destinations for both business and leisure within easy reach via the Nice Côte d’Azur Airport. The Principality’s location also offers wonderful year-round weather, with access to beautiful beaches during the summer and the nearby French Alps for winter sports.
What defines a luxury residence in Monaco?
Almost all of Monaco’s residences offer the city-state’s famed luxury lifestyle; however, a few key features make some properties stand head and shoulders above others. These include waterfront properties and those that offer sweeping views of the Mediterranean Sea; on-site amenities, such as pools, spas, fitness centres, valet parking, and concierge services; world-class, forward-thinking design; and sustainable features, such as green technologies that support eco-friendly living.
Mareterra was inaugurated on 4th December
Mareterra Monaco: Monaco’s most exciting real estate investment
Mareterra Monaco is without doubt the Principality’s most exciting real estate investment opportunity.
Recently inaugurated by Prince Albert II, the new eco-district sets a new benchmark for excellence in Monaco. Mareterra boasts an exquisite collection of waterfront luxury apartments, penthouses, townhouses, and ultra-rare villas that offer sustainable, luxury living in Monaco.
Mareterra is the culmination of a decade-long US$2 billion project that has re-shaped the Principality’s coastline and expanded Monaco’s landmass by some 3%. Designed by an award-winning team of architects, engineers, designers, and ecologists, investors can choose from a superb selection of residential buildings, including, Le Renzo, the Jardins d’Eau, the townhouse, and the villas.
Le Renzo building in Mareterra
The new district has been carefully designed and built to align with Prince Albert’s aim of reaching carbon neutrality by 2050. Sustainable features include solar panels, waste-water recovery systems, smart lighting, and electric vehicle charging stations.
A new marina, shops and restaurants, and lush landscaped gardens further add to the allure of this groundbreaking land reclamation project.
Tour Odeon, with its striking glass exterior, is a captivating landmark in Monaco
What are the top luxury residences in Monaco?
Some of the top luxury residences in Monaco include:
Tour Odéon
Tour Odéon is Monaco’s tallest skyscraper, offering its residents captivating views of the Mediterranean city and the Monaco cityscape. The twin towers are the vision of developer Groupe Marzocco and the famed architect Alexandre Giraldi. Between them, they offer 60 ultra-luxurious apartments that set a new gold standard for luxury living in Monaco. The residences’ amenities include a Business Centre, valet parking, a 24/7 concierge service, including housekeeping and dry cleaning services, a full-service spa, and an on-site cafe and restaurant.
Parc Saint Roman
This elegant high-rise building in the district of La Rousse offers a range of chic apartments and luxury amenities synonymous with Monaco’s luxury lifestyle. Amenities include a swimming pool, sauna, fitness room, and 24/7 concierge service, providing the utmost convenience.
The Larvotto beachside district
Bay House
Bay House is one of Monaco’s most recent developments and is located in Larvotto, with access via the famed Princess Grace Avenue, the world’s most expensive residential street. Residents benefit from an exceptional range of on-demand services and amenities coupled with beautifully designed spaces by world-class designers, including state-of-the-art home automation systems.
L’ Exotique
L’Exotique is a recently completed development in the picturesque district of Jardin Exotique, which offers an elevated position and a tranquil and relaxing environment. The development was designed by the award-winning French architect Rudy Ricciotti, the principal architect behind the MUCEM in Marseille, France. L’Exotique offers a superb selection of amenities, generous terraces that enable residents to embrace al fresco living, and lush tropical foliage, helping to foster a connection with nature.
The Carre d’Or district of Monaco
Monte Carlo Star
This exclusive seafront residential building is located in Monaco’s famed Carre d’Or district, Monte-Carlo, putting the Principality’s most exclusive amenities within easy reach. Apartments are light and airy, with wonderful views of world-famous Port Hercules and the Mediterranean Sea. Facilities include an outdoor swimming pool, a fully equipped gym, concierge services, and well-kept gardens.
Villa Portofino
This new residential building in the district of La Condamine combines modern-day convenience with a more traditional architectural style, with residents benefiting from high ceilings, floor-to-ceiling windows, and a grand communal entrance. Every apartment in Villa Portofino boasts elegant interiors and designer touches, offering luxury living at its finest. With just 11 residences in total, Villa Portofino offers a sense of exclusivity and intimacy.
Le Mirabeau
This iconic, 26-storey Monaco residence is located in Monaco’s Carre d’Or, a prime destination in the heart of Monte-Carlo. This famed residence was formerly a hotel before it was converted into an ultra-luxurious residential building. Residents enjoy a full suite of amenities, including a large outdoor swimming pool, a private fitness studio, and round-the-clock concierge services.
The Yacht Club de Monaco in the foreground, with the iconic Hôtel de Paris standing dominantly above in Monte-Carlo
Who chooses Monaco’s luxury residences?
Monaco’s luxury residences are chosen by entrepreneurs, celebrities, and ultra-high-net-worth individuals who desire the world’s finest and most sought-after residential buildings coupled with Monaco’s political and economic security, and exceptional amenities, including excellent health facilities and schools. Finally, Monaco’s steadily rising real estate prices provide wealthy investors with a sound investment.
A lifestyle beyond the residence
Monaco, is, of course, much more than a real estate investment. To own in Monaco is to embrace its luxury lifestyle and world-class amenities.
Residents of Monaco enjoy immediate access to exceptional Michelin-star restaurants, exclusive members only clubs, like the prestigious Monaco Yacht Club, and iconic landmarks such as the Prince’s Palace.
Owning a Monaco property also ensures residents can enjoy Monaco’s world-class events, including the famed Monaco Grand Prix, Monaco Yacht Show, and the Rolex Monte-Carlo Masters. Residents can further socialise and network at ultra-luxurious galas, such as the Red Cross Ball and the Rose Ball, which are both attended by VIPs, celebrities, and royalty.
Finally, residents have peace of mind that their entire wellbeing is in safe hands, with access to top-tier healthcare options, fitness facilities, and luxurious spas.
Mareterra is home to some of the most expensive real estate in the world
How can I make a Monaco real estate investment?
If you want to buy property in any of the above-mentioned Monaco residential developments, the best course of action is to contact a reputable Monaco real estate agency, like La Costa Properties Monaco. The best real estate agencies will be members of the prestigious Chambre Immobiliere Monaco and will offer expert advice and market intelligence to help you make an informed decision. The best real estate agents, like La Costa Properties Monaco, will boast an exquisite selection of luxury properties for sale, including the most sought-after Monaco residences. To make a Monaco investment in real estate, contact your chosen real estate agent.
This article was created in collaboration with La Costa Properties Monaco. All photos provided.
Monaco Ambassadors Club wraps up 2024 in style with a magical Christmas Gala
The spirit of the season was in full swing on 12th December as the Monaco Ambassadors Club (MAC) welcomed nearly 140 guests to its annual Christmas Gala at the iconic Salle Empire of the Hôtel de Paris. Known for its blend of elegance, generosity, and festive cheer, this year’s soirée once again proved a highlight on Monaco’s social calendar.
The evening began in a sparkling winter wonderland, a scene straight out of a storybook and brought to life by MAC General Secretary Alessandra Luna Sparaco. With snowy touches and festive charm, the Salle Empire was transformed into a magical setting that had guests reaching for their cameras before even reaching for a glass of champagne.
Daniela Ghirelli, Manon Delpont and MAC General Secretary Alessandra Luna Sparaco
Co-presidents Christian Moore and Filippo Ghirelli took to the stage during the evening to share heartfelt thanks with MAC’s loyal members and guests, reaffirming the Club’s dedication to community initiatives. From supporting children in need to championing entrepreneurship, MAC has its sights firmly set on 2025, offering guests a glimpse of its ambitious vision through an inspiring video presentation.
No Monaco gala would be complete without a touch of luxury, and this year was no exception. Guests were treated to a decadent cocktail reception featuring exquisite Classic Caspian Caviar, setting the tone for an evening of indulgence. Adding to the evening’s sparkle was celebrated jewellery designer and event sponsor Sarah Ho.
MAC Co-Presidents Christian Moore and Filippo Ghirelli
The gala also welcomed new corporate member and event sponsor CFM Indosuez, a name synonymous with Monaco’s history and its commitment to sustainability.
From start to finish, the evening was filled with moments to remember—joyful dancing, captivating performances, and plenty of laughter echoing throughout the Salle Empire. As always, the Monaco Ambassadors Club delivered a night that beautifully combined celebration with purpose.
Alessandra Luna Sparaco, Monaco Life Publisher Eric Brundage, and Monaco Life Contributor Kat Pirelli-Zucchetta
With 2024 coming to a close, the MAC team expressed gratitude to everyone who made the evening a success and left guests eager for what’s to come in the New Year. As Christian Moore aptly put it, the Club continues to be “a true reflection of Monaco’s unique spirit: one of generosity, excellence, and community.”
Proudly sporting the colours of Monaco, bobsleigh pilots Boris Vain and Arthur Prevost achieved their best-ever result in an IBSF World Cup by placing fourth in Latvia over the weekend.
After a 12th-place finish on the track in Sigulda, Latvia, on 14th December, the Monaco duo made a strong return the following day to take fourth place. It is their best World Cup result to date as a team. The points boost has also helped Vain move up the individual rankings to 11th.
The 2024/25 season is an important one for the team, as it is the final season before the Winter Olympics in Milan-Cortina in 2026. Vain, in particular, will be hoping to improve on his performance at the last edition of the Winter Games – he finished sixth in the two-man bobsleigh alongside Rudy Rinaldi in 2022, missing the podium by less than a second.
A bobsleigh legacy in Monaco
Prince Albert II of Monaco famously competed in five Winter Olympic Games – Calgary, Albertville, Lillehammer, Nagano and Salt Lake City – as a bobsleigh pilot.
As recently as 2023, the Prince, just days out from his 65th birthday, competed on the iconic St. Moritz natural ice track alongside bobsleigh legends such as Christian Reich and Mark Tout.
