Economy
Although San Marino is not a European Union member, it is allowed to use the euro as its currency by arrangement with the Council of the European Union; it is also granted the right to use its own designs on the national side of the euro coins. Before the euro, the Sammarinese lira was pegged to, and exchangeable with, the Italian lira. The small number of Sammarinese euro coins, as was the case with the lira before it, are primarily of interest to coin collectors.
Other key industries are banking, electronics, and ceramics. The main agricultural products are wine and cheese.
San Marino's postage stamps, which are valid for mail only within the country, are mostly sold to philatelists and are a source of income. San Marino is a member of the Small European Postal Administration Cooperation.
The per capita level of US$55,449 and standard of living are comparable to those of Denmark or Germany. San Marino imports goods such as food from Italy.
Read more about this topic: San Marino
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)