Monaco Announces €75M Color-Coded Stimulus Plan: Which Color Are You?

Author image

Nancy Heslin   Forbes Monaco

Minister of economy and finance Jean Castellini, minister of state Pierre Dartout and minsiter of social affairs and health Didier Gamerdinger

Minister of economy and finance Jean Castellini, minister of state Pierre Dartout and minsiter of social affairs and health Didier Gamerdinger. Photo: Michael Alesi/Direction de la Communication

Over the past week, 23 people (including 4 today), have tested positive for coronavirus in the Principality.

With Monaco's economy struggling after a quasi-touristy Covid summer, minister of state Pierre Dartout unveiled the government’s €75 million recovery package this morning at a press conference.

This “ambitious and realistic” plan, said the minister, “must strike a balance between health constraints and recovery measures.”

The fiscal stimulus falls into four color-coded categories: the National Green Fund to accelerate energy transition; the Blue Fund to help Monaco companies in their digital transformation and to create a digital economy in the country; the White Fund to support Monaco’s building and construction activity (there are currently “some thirty” sites); and the Red and White Fund to assist local commerce and purchasing power.

On September 3, the French government revealed the next phase of its €100 billion stimulus plan, where €30 billion of the funds will support green investments. A part of the budget is aimed at initiatives to create at least 160,000 jobs next year, and there is talk of extending its furlough program until next year also. The French economy shrank 13.8% in the second quarter of 2020, the steepest decline in Europe behind the U.K. and Spain.

Yesterday, the head of the France’s scientific community, Jean-Francois Delfraissy, singled out the Alpes-Maritimes department and its “very rapid, exponential rise” of Covid cases, adding that, although not an official recommendation, the government may also have to crack down further on imposing confinement measures for infected people in some areas of the country.

Renaud Muselier, President of the Regional Council of Provence-Alpes-Côte d’Azur, retaliated by saying that “last spring it was indeed the president of the Scientific Council who said not to wear masks.” The Prefect of the Alpes-Maritimes, the region where ICU numbers have been increasing at a “worrying” rate (one person a day has been admitted since the beginning of the month), quickly announced new measures, including banning groups of more than 10 people and forcing bars to now close at 1 a.m. (or 11 p.m. in towns less than 2,000 residents).

This despite Delfraissy pointing out that the closing of bars and bans on groups is “not going to solve the problem.”

To give you an idea of numbers, on September 2, there were 446 people in France in intensive care, far less than the peak of 7,148 on April 8. 

As of Thursday, over the past week in France, 48,542 new cases were registered (nearly 10,000 over 24 hours) out of over 1 million tests carried out, which equals 5.4%. French president Marcron stated in response, “We need to be demanding and realistic but without ceding to panic.”

READ ALSO
Art Basel And UBS Survey: Why Millennial Collectors Are The Future

Author image

Nancy Heslin   Forbes Monaco

Nancy Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.