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Since 1955, the Monaco Grand Prix has been held annually in the streets of Monaco. It is widely considered to be one of the most prestigious automobile races in the world. The erection of the Circuit de Monaco takes six weeks to complete, and the removal after the race another three weeks. The circuit has many elevation changes and tight corners, along with a tunnel. This together with being incredibly narrow and tight makes it perhaps the most demanding Formula One track. Only two drivers have ever crashed into the harbour, the most famous being Alberto Ascari in the 1955 Monaco Grand Prix, just four days before losing his life at Monza. The other was Paul Hawkins, during the 1965 Monaco Grand Prix.

The wider defence of the nation is provided by France. Monaco has no navy or air force, but on both a per-capita and per-area basis, Monaco has the largest police force (515 police officers for 35,000 people) and police presence in the world. Its police includes a specialist unit which operates patrol and surveillance boats. There is also a small military consisting of a bodyguard unit for the Prince and his palace called the Compagnie des Carabiniers du Prince which numbers 116 officers and men and is equipped with modern weapons such as M16 rifles and 9 mm pistols, and a militarized (and armed) fire and civil defence Corps.

The Compagnie des Carabiniers du Prince (Prince's Company of Carabiniers) is a military unit of the military force of Monaco. It was created by Prince Honoré IV in 1817 for the protection of the Principality and the Princely family. The company numbers exactly 116 officers and men; while the NCOs and soldiers are local, the officers have generally served in the French Army. Together with the local fire service (Sapeurs-Pompiers), the Carabiniers form Monaco's total public forces. In addition to their guard duties, the company patrols the Principality's beaches and coastal waters, as well as duties around the Palace in Monaco-Ville.

One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate. Monaco's own citizens are not allowed to gamble in the casino. In 2001, a major new construction project extended the pier used by cruise ships in the main harbour. The principality has successfully sought to diversify into services and small, high-value-added, non-polluting industries, such as cosmetics and biothermics.

The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network (Monaco Telecom) used to be fully owned by the state; it now owns only 45%, while the remaining 55% is owned by both Cable & Wireless Communications (49%) and Compagnie Monégasque de Banque (6%). It is still, however, a monopoly. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.

Monaco is not a member of the European Union. However, it is very closely linked via a customs union with France, and as such, its currency is the same as that of France, the euro. Before 2002, Monaco minted its own coins, the Monegasque franc. Monaco has acquired the right to mint euro coins with Monegasque designs on its national side.

In Monaco, the euro was introduced in 2002. The euro was preceded by the Monegasque franc. In preparation for this date, the minting of the new euro coins started as early as 2001. This is why the first euro coins from Monaco have the year 2001 on them, instead of 2002, like other countries of the Eurozone. Three different designs were selected for the Monegasque coins. In 2006, the design was changed after the death of ruling Prince Rainier to have the effigy of Prince Albert.

Monaco also has a rich and valuable collection of collectors' coins, with face value ranging from €5 to €100. These coins are a legacy of an old national practice of minting silver and gold commemorative coins. Unlike normal issues, these coins are not legal tender in all the Eurozone. For instance, a Monegasque commemorative coin cannot be used in any other country. The same practice concerning commemorative coins is exercised with all eurozone countries. Commemorative coins are legal tender only in their country of issue, unlike normal circulation coins, which are accepted in all euro-zone countries.