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After the Velvet Revolution

In 1989, after riot police beat back a peaceful student demonstration, the Velvet Revolution crowded the streets of Prague, and the capital of Czechoslovakia benefited greatly from the new mood. In 1992, the Historic Centre of Prague and its monuments were inscribed as a cultural UNESCO World Heritage Site. In 1993, after the Velvet Divorce, Prague became the capital city of the new Czech Republic. From 1995, high-rise buildings began to be built in Prague in large quantities. In the late 1990s, Prague again became an important cultural center of Europe and was notably influenced by globalisation. In 2000, the IMF and World Bank summits took place in Prague and anti-globalization riots took place here. In 2002, Prague suffered from widespread floods that damaged buildings and its underground transport system.

Prague launched a bid for the 2016 Summer Olympics, but failed to make the candidate city shortlist. In June 2009, as the result of financial pressures from the global recession, Prague's officials chose to cancel the city's planned bid for the 2020 Summer Olympics.

On 21 December 2023, a mass shooting took place at Charles University in central Prague. In total, 15 people were killed and 25 injured. It was the deadliest mass murder in the history of the Czech Republic.