Michel Roger proposes private funding to reconcile fiscal prudence with the need to continue major public projects.
At a press conference earlier this week, Monaco's Minister of State announced a new initiative to fund public projects through private capital. Roger explained that the constitutional reserve fund can no longer serve as a bank to finance major building work. This should rather be set aside to support public spending in the event of a euro-zone disaster.
In 2012, 230 million euros (25% of the budget) will be spent on projects such as the new "lycee technique", the gerontology centre, the state housing block Rainier III and the new Conseil National building.