The Tuvalu Islands, known in the past under the name of Ellice Islands, is a parliamentary monarchy associated with the British Commonwealth. Tuvalu is the second least populated independent nation in the world after Vatican City, and the fourth smallest nation in the world, after Vatican City (0.44 sq km), Monaco (1.95 sq km) and Nauru (21 sq km). The archipelago is composed by the atolls of Nanumea, Nanumanga, Niutao, Nui, Vaitupu, Nukufetau, Funafuti, Nukulaelae and Niulakita, it's located in the Western-Central Pacific (Micronesia), a few degrees south of the equator, between Kiribati, the Solomon Islands, Fiji, Wallis and Futuna and Tokalau. The capital is Vaiaku, in the Funafuti atoll, the islands, completely flat, are covered by dense vegetation of coconut trees. The economy is based on agriculture, there are grown palm trees (copra), fruit and vegetables, are issuing stamps and fishing, the waters are rich in fish, crustaceans and molluscs. Tourism is developing, thanks to the beautiful tropical lagoons of the atolls of the archipelago.