Vatican City is the smallest independent state in the world. It occupies an area or 44 hectares, or a little less than 109 acres. The borders of Vatican City are represented by its walls and travertine pavement curve that joins the wings of the two colonnades in St. Peter's Square. The population of Vatican City is about 820, only 450 of which have Vatican City citizenship. The rest of the population have permission to live in Vatican City, either permanently ot temporarily, without benefit of citizenship. About half of Vatican City's citizenship do not live in the city as they are diplomats and live in various other countries. Conferral or loss of citizenship is governed by special regulations issued according to the Latern Treaty, a pact between the Holy See and Italy, signed on February 11, 1929. Vatican City has it own flag and anthem, mints its own coins and issues its own stamps. The monetery unit of Vatican City is now the Euro, and is considered legal tender throughout Italy and Europe. Vatican City is governed by an absolute monarchy with the Pope being the Head of State. During the time between the death of one Pope and the election of a new one (sede vacante) the governmental powers rare exersized by the College of Cardinals. The new Pope is elected by the cardinals under the age of 80 years. The new Pope becomes the sovereign of Vatican City State the moment he is elected and accepts the position as Pope.
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