Alice Mina and Vladimiro Selva

Captains Regent — San Marino

Country momentum 0 — Quarterly momentum: the Bureau's read on the country's trajectory over the last quarter, from −10 (deteriorating fast) to +10 (accelerating).

• Two heads of state, rotating every six months — the world's oldest republic runs on ritual.
• Banking secrecy reformed under OECD pressure; the economy lives on tourism and stamps.
• Sovereignty intact for 1,700 years by staying useful to larger neighbors.
• Power here is ceremonial by design; influence ends at the border.