The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This paper examines the development of the business model thus far and considers options for the future. The development of San Marino's financial system over the past two decades is outlined. San Marino's financial sector focuses on services to its residents and the residents of its large neighbor. San Marino's competitiveness is assessed on the basis of real exchange rates. The importance of a strong relationship with Italy may also require San Marino to take more initiatives to amend its position and acquire new skills.