Editing Rainier III, Prince of Monaco (section)

==Reign==
[[File:Princess Grace and Prince Rainier III.jpg|thumb|right|Prince Rainier III and Princess Grace arrive at the [[White House]] for a luncheon in May 1961.]]
[[File:50 franc Rainier III Anniversary of Reign - 1974.png|thumb|250px|[[Silver coin]]: 50 Francs, 25th Anniversary of [[Rainier III]] reign of [[Principality of Monaco]] (1949 – 1974)]]
[[File:100fr Rainier III - 1989.png|thumb|250px|[[Silver coin]]: 100 Francs, 40th Anniversary of [[Rainier III]] reign of [[Principality of Monaco]] (1949 – 1989)]]
After ascending the throne, Rainier III worked to recoup Monaco's lustre, which had become tarnished through financial neglect and scandal (his mother, Princess Charlotte, took a noted jewel thief known as René the Cane as her lover). Upon ascension, the Prince found a treasury that was practically empty. Monaco's traditional gambling clientele, largely European aristocrats, found themselves with reduced funds after World War II. Other successful gambling centres had opened to compete with Monaco. To compensate for the loss of income, Rainier decided to promote Monaco as a [[tax haven]], commercial centre, real-estate development opportunity, and international tourist attraction.<ref name=":0">{{Cite web|url=https://www.hellomonaco.com/sightseeing/grimaldi-family/the-house-of-grimaldi-rainier-iii-the-builder-prince-of-monaco/|title=The House of Grimaldi: Rainier III- The Builder Prince of Monaco|date=27 September 2016|website=HelloMonaco|language=en-US|access-date=30 March 2020}}</ref> The early years of his reign saw the overweening involvement of the Greek shipping tycoon [[Aristotle Onassis]], who took control of the [[Société des Bains de Mer]] and envisioned Monaco as solely a gambling resort. Prince Rainier regained control of SBM in 1964, effectively ensuring that his vision of Monaco would be implemented.<ref name=":0" />

During his reign, the [[Societé Monégasque de Banques et de Métaux Précieux]], a bank which held a significant amount of Monaco's capital, was bankrupted by its investments in a media company in 1955, leading to the resignation of Monaco's cabinet. In 1962, Rainier ratified the Principality's new constitution, which significantly reduced the power of the sovereign.<ref>{{Cite web|url=https://monaconow.com/rainier-iii-the-builder-prince/|title=Monaco Now {{!}} Rainier III, the Builder Prince|date=16 December 2019|website=Monaco Now|access-date=30 March 2020}}</ref> He had suspended the previous constitution in 1959, saying that it "has hindered the administrative and political life of the country". The changes ended autocratic rule, placing power with both the Prince and a National Council of eighteen elected members.<ref>{{cite news| url=https://www.telegraph.co.uk/news/obituaries/royalty-obituaries/1487262/Prince-Rainier-III-of-Monaco.html|location=London|work=The Daily Telegraph|title=Prince Rainier III of Monaco| date=7 April 2005}}</ref>

At the time of his death, he was the world's second longest-serving living [[head of state]], just below the [[King of Thailand]], [[Bhumibol Adulyadej]], and the longest-reigning monarch in Europe.<ref>{{Cite news |date=2005-07-05 |title=Prince Rainier III of Monaco |url=https://www.independent.co.uk/news/obituaries/prince-rainier-iii-of-monaco-528258.html |archive-url=https://web.archive.org/web/20220526093302/https://www.independent.co.uk/news/obituaries/prince-rainier-iii-of-monaco-528258.html |archive-date=2022-05-26 |access-date=2024-08-30 |work=The Independent}}</ref><ref>{{cite news|url=https://www.cbc.ca/news/world/monaco-s-prince-rainier-dies-1.567019|archive-url=https://web.archive.org/web/20160408091726/https://www.cbc.ca/news/world/monaco-s-prince-rainier-dies-1.567019|url-status=live|archive-date=8 April 2016|title=Monaco's Prince Rainier dies|date=6 April 2005|publisher=CBC News|access-date=30 August 2024}}</ref>