The Vatican is a small country and nearly all the residents of the country (about 800) are employees of the Vatican and not athletes.
Vatican City
Not under a Vatican City flag. There are 202 nations/independent territories/ commonwealths/ protectorates and geographical areas that have been issued 3-letter abbreviations (trigram) by the International Olympic Committee. The trigrams are issued to countries with National Olympic Committees (NOCs). NOCs are in place to ensure the nations best athletes attend the Olympics. Vatican City does not have a NOC and so its athletes cannot compete as Vatican City athletes.
Vatican City does not have a National Olympic Committee and, therefore, does not participate in the Olympics.
Vatican City
All European countries with the exception of Vatican City and Kosovo participated at the 2012 London Olympic Games.
All European countries but Vatican City and Kosovo participated in the 2012 London Olympics.
London, United Kingdom is the host city of the 2012 Olympic Games.
Melbourne was the Australian city that held the 1956 Olympic Games.
All European countries with the exception of Vatican City compete in the Olympics.
The City of London with 3 games
Women were not permitted to watch the Olympic Games in Ancient Greece
With the exception of visitors, there really are few, if any, children in the Vatican.