Taxes, especially on labor and capital income, are generally much lower than in Italy, therefore, there are extremely strict requirements to obtain citizenship.

An important liquidity crisis followed suit, also made worse by the absence of a lender of last resort, as San Marino is not part of the European Union.

Still, the banking system remains weak, with balance sheets that are impaired by Non-Performing Loans, which amount to 114% of the country's GDP.

Currently, San Marino actively cooperates with international organizations, especially the Council of Europe and the European Union, for what regards fighting against money laundering and terrorism financing.

[14][15] In the years preceding the great recession, San Marino's public finances were in very good shape, with a central government budget surplus and no national debt.

During the global downturn, the government adopted measures to dampen the shock on the real economy and to bail out financial institutions, which came at a high price for the soundness of public finances.

[12] While San Marino does not issue public debt securities that are traded on financial markets, its creditworthiness is monitored by the rating agency Fitch.

This treaty establishes a customs union with Italy and sets out some limitations on the carrying out of certain economic activities, like tobacco cultivation, gambling, and radio broadcasting.