Page 83 - Monaco Economy 124

Summer ends, energy crisis begins by Milena Radoman

Faced with a decline in purchasing power and the impact of the energy crisis, the executive has announced a
timetable of measures.

“We are in a difficult and complex context. on average salaries €650 (+€150) and the the coming weeks. All hypotheses are
Monaco must take this into account, highest-paid €450 (+€100), which represents currently being considered for a “control of
because the Principality is not cut off an overall envelope of €7.7million for the consumption” synonymous with sobriety:
from the world.” During his beginning-of- state in 2022. The government does not have reduction of public street lighting, limitation
September press conference, the Minister control over employers but it “encourages of heating in public buildings and other
of State, Pierre Dartout, announced the social dialogue with the social partners, energy-saving measures “in consultation
government measures taken to combat a by sector and by company, to find good with businesses.”
sluggish economic situation with meteoric solutions.” It remains to be seen whether the
inflation, which “has the effect of eroding executive will be listened to by employers. For the long-term prosperity of the country this
the purchasing power of working and retired time, another action plan is being finalised to
people,” and the energy crisis. The first Price cap plan boost attractiveness, under the supervision
government boost is aimed at the public Another measure to come are measures to of Frédéric Genta, County Chief Officer for
sector: the salaries of state and municipal shield consumers from the energy crisis. Attractiveness and the Digital Transition. A
civil servants, as well as those of hospital For the Minister of State, the increase in “priority subject” for the government, it will
staff, were increased by 3.5% in September, energy prices was “very moderate” for the be presented soon. “You should never rest
the third increase this year, after +1.2% in Principality in 2022 but this is not set to last. on your laurels, specially in a global context
January and +2% in July. The lowest-paid in “There will be an increase, not too different where, due to the crisis, competitors can fight
the civil service will also benefit at the end from what France is announcing, which will even harder and more effectively,” insists Pierre
of 2022 from a bonus of €850 (+€200), those mean that there will be a substantial effort to Dartout. In what way? “It’s about bringing
be made to finance employees closer in terms of where they live
it. The Principality and their workplace. We have progress to
is closely linked to make in the housing of our working people
France in terms of – the mayors of neighbouring communes are
energy, in particular aware of this.” The optimisation of mobility
through the supply is also at the heart of the reflection, with the
of electricity, but examination of various transport projects
also through the such as maritime shuttles, a metro or cable
fact that there is an cars. “We must ask ourselves of our choices:
objective to have are they relevant? On a technical level and on
comparable tariffs.” a budgetary level? This is what will allow us
An energy- saving to distinguish what can be done in the short
plan should also term and what should be done in the medium
be put in place in and long term.”

Amending Budget 2022

The 2022 amending budget, with a surplus of €8.8 million, was
to be adopted on 18 October. “We are relying on the economic
dynamics in the Principality, reflected this year in the hotel and
catering sector but also in other sectors, which allows us to
have significant tax and VAT income,” justifies the Minister of
State. «This allows us both to assume a number of additional
expenses as well as structural expenses, particularly in terms
of equipment.» Thus, €208 million will have been disbursed in
Le Grand Prix de Monaco est finalement bien intégré au calendrier de la prochaine saison de Formule 1. The Monaco Grand Prix is now well and truly a fixture on the calendar of the next Formula 1 season. Before 2022 for the National Housing Plan and the construction of
Avant cette officialisation, le ministre d’Etat avait lâché devant la presse qu’«un championnat du monde this was made formal, the Minister of State had told the press that «a world championship without Monaco 1,690 state housing units.
sans Monaco ne serait pas un championnat du monde…» would not be a world championship.”

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