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Due to the recent problems with the wings on cars malfunctioning in the last couple of races for the Monaco Grand Prix the CSI decided to announce during the practice session that the unrestricted use of wings was banned, effective immediately. Many teams argued that the cars designed to use them would become unstable but the rule was upheld anyway. The entries for Monaco were from the usual pick of drivers with the exception of Rindt who was recovering from his crash in Barcelona so Richard Attwood replaced him.

Some racers were required to re-qualify after the removal of the unrestricted wing usage and when the new times came in Jackie Stewart grabbed the pole position. Next to him was Chris Amon in his Ferrari.

Stewart and Amon started furiously at the start with Stewart in the lead. Beltoise quickly lost his third spot to Hill by the third lap. In the midfield Surtees had a gearbox failure and was hit by Brabham, both of them were unharmed. Another six laps passed and Amon retired with a differential failure and on the twenty-first lap Beltoise had a driveshaft failure. One lap after Beltoise's broken driveshaft Stewart had the same problem and retired leaving Hill to take the lead. Ickx had a rear suspension failure on the forty-ninth lap and Courage took second place.

Hill kept the lead and won the Monaco Grand Prix with Courage behind by seventeen second and Siffert in third. This was Graham Hill's fifth win at Monaco during the 1960's.