The National Council came to an agreement concerning the 2025 Revised Budget on October 14, with 17 votes in favour, 3 abstentions, and 4 votes against. The projected deficit of €89 million in 2024 has been drastically amended to a surplus of €86 million. Progress was made by elected officials concerning several major topics, including housing and the Fontvieille Shopping Centre. However, disagreements were voiced concerning waste treatment and mobility.
Budget
According to the National Council, a sharp increase in public revenue “reflects the Principality’s strong economic health”. However, elected officials regret the Government’s excessive caution in the 2025 Preliminary Budget, because it “hampered certain investments needed to build the Monaco of tomorrow”.
Housing
National Council members said that the outlook for housing in Monaco is “encouraging” with future state-owned programs and the creation of the “State-owned Agency”. The initiative, supported by the National Council, is scheduled for 2026.
Fontvieille Shopping Centre
Elected officials welcome the guarantees obtained for retailers during the transition phase and the preservation of the current centre prior to the restructuring work. The master plan, as of last summer, is to create a type of “village square” with the raising of shopping centre by several levels, 40 additional housing units, public spaces and a cinema.
Disagreements: Waste Treatment and Mobility
The National Council voiced that it “deplores the Government’s unilateral decision to rebuild the CTVD on-site, without first studying other options, such as outsourcing”. Elected officials requested all necessary information (legal, economic, health, environmental, etc.) before the next Budget.
Faced with transport saturation (TER, traffic), elected officials are “calling for the launch of a mass public transport project”. The Minister of State, on the other hand, has estimated that improvements to the TER would be sufficient for the time being. The National Council warned of the urgent need to act from 2026 to preserve Monaco’s economic and social model.
In his closing speech, President Thomas Brezzo called on the Government to take into account the reservations expressed by elected officials in preparation for the next Preliminary Budget.
