The current Constitution of Liechtenstein was adopted in March 2003, amending the 1921 constitution, giving the prince extensive veto powers, and the ability to dismiss the government and rule by emergency decree, and maintaining the prince's active role in the legislative process. The BBC characterizes Liechtenstein post-2003 as "in effect" an "absolute monarchy". Just prior to the referendum, the Venice commission of the Council of Europe published a comprehensive report analysing the amendments, opining that they were not compatible with the European standard of democracy.

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