Officially San Marino is the Most Serene Republic of San Marino, and is an enclave fully enclosed within the borders of Italy, on the eastern side of the Apennine Mountains in the north. San Marino is only 61 km² (24 sq. miles) with approximately 30,000 residents. The capital is the City of San Marino and it is one of what is known as the European Microstates, and has the smallest population of any of the states which are members of the Council of Europe.
San Marino is the oldest surviving sovereign state as well as a constitutional republic. It was founded in 301 CE as a monastic community by the stonecutter Marinus of Arbe. Legend states that Marinus left the Roman colony called Arba in the year 257 when the future roman emperor Diocletian decreed that the walls of Rimini should be rebuilt, after they had been destroyed by pirates.
In 1600 the constitution of San Marino was ratified, making it today the world’s oldest constitution which is still in use. The main economic base of San Marino is tourism, with a predominantly Italian cultural flavor. Evaluating the GDP of San Marino reveals that it is one of the world’s wealthiest countries, with what is considered a highly stable economy, no national debt, a budget surplus and the lowest unemployment rate in Europe.
Bank Governor: Mario Giannini