2 Euro Cents – Monaco

In 2001, Monaco's currency situation was fundamentally defined by its special relationship with France, formalized in a monetary agreement. As a sovereign city-state, Monaco did not issue its own independent currency but instead used the French franc (FRF) as its official legal tender. This right was granted by France and was rooted in the 1963 Franco-Monégasque Treaty, which allowed Monaco to mint its own franc coins (with distinctive Monégasque designs) that had parity and circulated alongside French franc coins and banknotes. The Central Bank of France managed monetary policy, providing stability and integration with the larger French economy.

The year 2001 was particularly significant as it marked the final full year of the franc's existence before the physical introduction of euro banknotes and coins. Monaco, while not a member of the European Union, was included in the eurozone's currency changeover due to its monetary union with France. A new monetary agreement with France, ratified in 1999, extended the same arrangement to the euro, ensuring Monaco could continue to issue its own euro coins (subject to French approval and volume limits). Therefore, throughout 2001, while transactions were conducted in francs, all financial and legal preparations were being finalized for the euro's launch on 1 January 2002.

Consequently, the currency landscape in Monaco during 2001 was one of transition and dual display. Prices were increasingly shown in both francs and euros to acclimatize the public, and businesses and banks were preparing for the logistical switch. The situation was seamless and orderly, underpinned by the principality's close institutional ties with France, which guaranteed a stable and legally sound transition from the national franc to the shared European currency without disrupting Monaco's economic or monetary stability.