In 1989, after the 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 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 centre of Europe and was notably influenced by globalisation. In 2000, IMF and World Bank summit 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.