Monaco’s new Minister of State Christophe Mirmand appeared to pass his first major political test this week, presenting the revised 2025 budget to the National Council in a session marked by constructive tone and broad alignment on key priorities. From housing and transport to environmental policy and major infrastructure, the debate was characterised by what Council President Thomas Brezzo called a welcome “convergence of views”.
Held on 7th October, the session followed the release of Monaco’s revised financial plan, which revealed a striking reversal of the Principality’s fiscal outlook: a budget surplus of €86 million, up from a projected deficit of €88.6 million earlier in the year.
From Deficit to Surplus — and the Need for Caution
Much of the surplus is attributed to a sharp rise in property-related VAT revenues, particularly linked to transactions at the Mareterra development. However, Mirmand urged caution, noting that such income remains volatile and often depends on private reporting by developers.
“We are studying a legal mechanism to make the registration of private sales agreements mandatory,” he told lawmakers, “to better forecast fiscal income linked to real estate and reduce uncertainty in future budget planning.”
Fontvieille Shopping Centre Project Gains Momentum
Among the most discussed topics was the long-awaited redevelopment of the Fontvieille Shopping Centre. The government’s updated plans — unveiled in July — were welcomed by Council members for meeting expectations in terms of commercial scope, public services, and cultural ambition.
The new project includes at least four next-generation cinemas, while key services such as the supermarket and pharmacy will remain open throughout the works. Minister Mirmand said every existing tenant would receive individual support from the state’s real estate department. “Negotiations with the private operator are ongoing,” he said, “with the goal of securing a balanced concession agreement.”
Infrastructure and Mobility: Rail Takes Priority
Mobility, long a challenge for the Principality, remains high on the agenda. Finance and Economy Commission President Franck Julien stressed the need for a multimodal transport system, while the government reinforced its focus on regional rail upgrades.
Mirmand confirmed that ERTMS modernisation will increase train frequency between Nice and Monaco from every 15 minutes to every 10, with hopes of reducing this further. Improvements to the Zou! and Zest bus systems were also cited, alongside continued development of the La Brasca park-and-ride project, which is now undergoing candidate evaluation. The project, estimated at €1.2 billion, includes a proposed express underground link.
Waste Strategy Recalibrated, Housing Push Continues
The government confirmed that Monaco would now pursue the reconstruction of its waste treatment facility on the current site, following the cancellation of the costly ‘Symbiose’ project. While broadly supportive of the move, the Council requested further details on costs and capacity.
In housing, the government confirmed 696 state-owned units have been delivered since 2019, with six new projects – totaling 460 homes – scheduled over five years. In response to calls for more three-bedroom state units, especially to support multigenerational households, Mirmand said the issue “deserved further examination”. He also introduced plans for a reimagined urbanisation of La Rousse, replacing earlier Annonciade II nomenclature with a more comprehensive district vision.
FATF Grey List and Financial Reforms
On financial transparency, the Minister reiterated Monaco’s progress toward exiting the Financial Action Task Force’s grey list, describing the Principality’s reform trajectory as “positive”.
“All required actions scheduled before the June 2025 plenary were deemed largely addressed,” he said, adding that Monaco expects a further evaluation in October, with potential removal from the grey list in 2026.
Hospital and Media Sectors Also in Focus
The revised budget includes an additional €90 million for the new Princess Grace Hospital Centre, bringing total allocated funding to €200 million. The first phase is expected to open by late 2025, with full operations by 2026.
The Minister also confirmed that Monaco would consolidate its public broadcasters under a new, independent channel, following a completed audit of TV Monaco and Monaco Info. Operational changes are expected to begin in 2026.
A Constructive Tone to Close
Despite moments of debate — particularly over long-term forecasting and waste infrastructure — both the executive and elected officials closed the session on a note of consensus.
Council President Thomas Brezzo praised the government’s decision to remove a controversial €20 million CTVD provision from the budget and welcomed the general spirit of cooperation. “There is clearly room for dialogue,” he said. “This revised budget reflects both prudence and ambition.”
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Main photo source: Government Communications Department