people speak Monégasque, a mixture of French and Italian. Italian and English are also spoken. The commune of Monaco, located on a rocky promontory, is an ancient fortified town. Among its points of interest are a cathedral, a palace in the medieval and Renaissance styles, and an oceanographical museum, established in 1910 by Prince Albert I. The Monte Carlo Opera and Monte Carlo Philharmonic Orchestra are here; the Monaco Grand Prix and Monte Carlo Rally are popular annual automobile-racing events.
Monaco's refusal to impose income taxes on its residents and on international businesses that have established headquarters there led to a severe crisis with France in 1962. A compromise was reached by which French citizens with less than five years residence in Monaco were taxed at French rates and taxes were imposed on Monegasque companies doing more than 25 percent of their business outside the principality.
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