Monaco, officially the Principality of Monaco, is a constitutional monarchy located in Western Europe. The country is a mere two sq. kilometers, making it the second-smallest data after the Holy See. Monaco shares a border with France on three sides, and the fourth side of the country borders the Mediterranean Sea. Monaco has been an independent state since 1419, when the permanent rule by the House of Grimaldi began. According to a 2013 estimate, Monaco’s population is approximately 38,000 people, making it the most densely populated state in the world. Likewise, Monaco is one of three UN member states who does not belong to the World Bank or the International Monetary Fund.