Prince Rainier of Monaco is dead, long live the prince. In Monaco, history is changing. Deeply grieved of his father's death, Prince Albert will have to quickly recover so as to fully dedicate himself to the state's affairs.

Since Prince Rainier's recent death, on April 6, Prince Albert has been put in the spotlight on the international political landscape. Many have rushed to interpret Prince Albert's life and deeds so far and many are the suppositions regarding the future of Monaco under his reign.

Fact is Albert's job will not be an easy one. It has been said that harder than getting to the top is managing to stay there. Well, maintaining what his father has achieved and taking Monaco further will be a challenge, no doubt.

During his 56 years reign, Prince Rainier III managed to turn Monaco from a rather poor state, having gambling its main economic resource, into a a thriving business and banking centre, with a developed modern economy and a wider surface (counting the 20 percent territorial expansion by means of land reclamation from the sea).

Monaco's prosperity is directly connected to its tax-haven status. The difficulty of maintaining its prosperity resides also in the present international environment:

• On one hand it is marked by the fight against international crime, enhanced even more since the events of September 11th.

  Odds are Albert will continue the policy of shaking the state's reputation of a place for “shady” businesses. This will probably result into more transparency in the banking system and policy. Yet, maintaining a high degree of confidentiality will still be a priority, as the Monaco Banking Association assures.

• On the other hand, there are the European movements toward economic unity.

  Monaco's integration into the European context will command its gradual alignment to the European Union taxation policy. However, Monaco will have to preserve some of its tax advantages in order to maintain its standing as a financial center.

Moreover, on this background, maintaining Monaco's independence seems to be yet even more difficult than it was in the past. The main worry is that Monaco will be incorporated into France, as Monaco's language is French, the currency is now Euro (and was French francs) and the principality has no airport. Many fear that Albert will not have his father's determination and cunning in the continuing battle to preserve the state's independence.

The matter never ceased to concern Prince Rainier of Monaco, especially that Albert didn't seem to be very eager to settle and have children. So, in 2002 the constitution was changed to allow female succession if Albert had no successor. Thus Prince Albert was off the pressure. At least for a while, as since he's taken over he is expected to complete his image with a family and heirs.