Saint Pierre and Miquelon Saint Pierre and Miquelon Background First settled by the French in the early 17th century, the islands represent the sole remaining vestige of France's once vast North American possessions. Saint Pierre and Miquelon Economy The inhabitants have traditionally earned their livelihood by fishing and by servicing fishing fleets operating off the coast of Newfoundland. The economy has been declining, however, because of disputes with Canada over fishing quotas and a steady decline in the number of ships stopping at Saint Pierre. In 1992, an arbitration panel awarded the islands an exclusive economic zone of 12,348 sq km to settle a longstanding territorial dispute with Canada, although it represents only 25% of what France had sought. The islands are heavily subsidized by France to the great betterment of living standards. The government hopes an expansion of tourism will boost economic prospects. Recent test drilling for oil may pave the way for development of the energy sector. Saint Pierre and Miquelon Location Northern North America, islands in the North Atlantic Ocean, south of Newfoundland (Canada) Saint Pierre and Miquelon Flag a yellow sailing ship facing the hoist side rides on a dark blue background with a black wave line under the ship; on the hoist side, a vertical band is divided into three parts: the top part (called ikkurina) is red with a green diagonal cross extending to the corners overlaid by a white cross dividing the rectangle into four sections; the middle part has a white background with an ermine pattern; the third part has a red background with two stylized yellow lions outlined in black, one above the other; these three heraldic arms represent settlement by colonists from the Basque Country (top), Brittany, and Normandy; the flag of France is used for official occasions
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