Created under a charter in A.D. 988, the present Principality was formed in A.D. 1278. It is known as a principality as it is a monarchy headed by two Co-Princes – the Spanish/Roman Catholic Bishop of Urgell and the President of France.
Andorra is a prosperous country mainly because of its tourism industry, which services an estimated 10.2 million visitors annually, and because of its status as a tax haven, although it is in the process of reforming its tax regime. It is not a member of the European Union, but the euro is the de facto currency. It has been a member of the United Nations since 1993.
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