Czech Republic
18:02 · Traveling Sardar · 480p · 2012-07-16
In November 1989, Czechoslovakia returned to a liberal democracy through the peaceful "Velvet Revolution". However, Slovak national aspirations strengthened and on 1 January 1993, the country peacefully split into the independent Czech Republic and Slovakia. Both countries went through economic reforms and privatisations, with the intention of creating a capitalist economy. This process was largely successful; in 2006 the Czech Republic was recognised by the World Bank as a "developed country", and in 2009 the Human Development Index ranked it as a nation of "Very High Human Development". From 1991, the Czech Republic, originally as part of Czechoslovakia and now in its own right, has been a member of the Visegrád Group and from 1995, the OECD. The Czech Republic joined NATO on 12 March 1999 and the European Union on 1 May 2004. It held the Presidency of the European Union for the first half of 2009.