The Principality was formed in 1278. The role of monarch is exercised jointly by the two co-princes, the President of the French Republic and the Bishop of Urgell, Catalonia, Spain.
Andorra is a prosperous country mainly because of its tourism industry, which services an estimated 10.2 million visitors annually, and also because of its status as a tax haven. It is not a member of the European Union, but the euro is the de facto currency. The people of Andorra have the 3rd highest human life expectancy in the world — 82 years at birth.