The Principality of Liechtenstein was established within the Holy Roman Empire in 1719 and became a sovereign state in 1806. Until the end of World War I, it was closely tied to Austria, but the economic devastation caused by that conflict forced Liechtenstein to conclude a customs and monetary union with Switzerland. Since World War II (in which Liechtenstein remained neutral) the country's low taxes have spurred outstanding economic growth. Shortcomings in banking regulatory oversight have resulted in concerns about the use of the financial institutions for money laundering and tax evasion. However, the days of bringing suitcases of money into banks for deposit without questions asked is over. Liechtensteiners are also very proud of the fact that their nation has never been physically involved in a battle or military confrontation with an "enemy state" and see their flag as a banner of peace.