A Political and Economic Dictionary of Western Europe, First Edition
The Vatican City, also known as the Holy See, is the world’s smallest state: it covers 0.44sq km and has a population of 921 (2004). Situated in the city of Rome, Italy, the Vatican City is the home of the Pope and the Central Authority of the Roman Catholic Church. The independent state of the Vatican City was established in 1929 by three Lateran Treaties. According to the Fundamental Law of Vatican City, originally signed in 1929 and updated in 2000, the Head of State is the Pope who is elected for life by the College of Cardinals.
The current Pope is John Paul II (born Karol Wojtyla), who was elected on 16 October 1978. The state is governed by the Pontifical Commission, which is appointed by the Pope for a five-year term. The head of the commission is the Cardinal Secretary of State, who conducts the secular affairs of the Vatican City. Since 2 December 1990 this has been Angelo Sodano.
The economy of Vatican City is supported by annual contributions from Roman Catholic dioceses throughout the world, and the production and sale of stamps, coins, books and other tourist mementoes. The 2002 budget was the first in eight years to show a deficit (€3.47m.). The Vatican City adopted the euro as its currency on 1 January 2002; the state issued its own set of coins displaying the Pope’s image.
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