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Prague is a spectacular city. It has weathered more than 1000 years of turbulent history, including the Nazi and Soviet domination of this century. For forty years, the city was more or less off-limits for Western tourists, being located approximately 200 kilometers behind the "Iron Curtain." After the Velvet Revolution of 1989, the city emerged once again as the capital of a sovereign, democratic nation.

The city of Prague is a museum, filled with a rich collection of musical heritage, cultural activities, and history. There was no radical rebuilding of the city center during the industrial revolution, so the city has maintained its unique "old world "character. Whereas cities like Warsaw and Berlin offer little evidence of what they looked like in the 1750s, the urban design of Prague is not very different from what it was even in the 15th century. Prague did not suffer the damage of other European cities during World War II, leaving its medieval network of narrow cobblestone streets, gothic churches, and baroque palaces intact.

Prague is one of the best preserved medieval cities of Europe and it is often called "The City of a Hundred Spires". Prague offers a wide selection of Romanesque, Gothic, Baroque, Neo-Renaissance, Art Nouveau, Cubist and Socialist-Realist architecture. On any given evening, visitors may choose to see one of dozens of concerts, operas, or theater presentations. Museums boast world-class collections of art and host international exhibitions. The Czech countryside has hundreds of castles, chateaux, and historic ruins. Moreover, there are thousands of kilometers of marked trails for hiking through beautiful landscape to visit these historical landmarks. The dreamlike quiet of an older, slower-paced Europe lures visitors from all over the world, and studying abroad in Prague gives students the chance to develop a genuine feel for the city and its history at a leisurely pace. 

Located in the historic center of Prague, CERGE-EI has grown to be recognized as a regional center of educational excellence and has won numerous accolades from US governmental institutions, the European Commission, international grant authorities and research organizations. As a further indication of overall academic quality, CERGE-EI 's Ph.D. in Economics is fully accredited in both the United States and the Czech Republic. Its location in the heart of Europe has proven to be beneficial in attracting high-quality researchers, faculty and students concerned with the impact of social, economic and political transition in the CEE/fSU region.

Since 1991, the Center for Economic Research and Graduate Education (CERGE) of Charles University has offered a Ph.D. program in the field of economics to students primarily from the countries of Central and Eastern Europe (CEE) and the former Soviet Union (fSU). The program was founded by Professors Jan Švejnar (currently Executive Director, William Davidson Institute at the University of Michigan Business School) and Senator Josef Zieleniec (former Czech Minister of Foreign Affairs and Faculty of Social Sciences, Charles University.) The Economics Institute (EI) of the Academy of Sciences of the Czech Republic was created in 1992 and has, since 1993, closely coordinated its activities with CERGE. Several formal agreements between Charles University and the Academy of Sciences were signed in the 1990s, signaling ever-closer cooperation, resulting in the 1999 decision to create CERGE-EI, a joint workplace of both institutions.

CERGE-EI is located in the Economics Institute of the Academy of Sciences' building at Politických vězňů 7, Prague 1. The history of this building dates back to the time of King Charles IV (1316-1378), who also founded Charles University in 1348. The street on which this building stands was called Angel Street in the 14th century. The original house located on Angel Street was demolished and Krištof of Valdštejn commissioned a palace to be built in its place. Unfortunately, the palace burned down in 1757. The Merciful Brethren bought the remnants and established a convent hospital on the site.

Since that time the building has changed owners several times. In the past two hundred years, it has served as an orphanage, as palace again, as a branch of the Austro-Hungarian Bank, and as the headquarters for the State Bank of Czechoslovakia.

In 1963, the building was transferred to the ownership of the Czechoslovak Academy of Sciences which became the site for its Institute of Economics, the pre-1989 equivalent of today 's Economics Institute. The building is still the property of the Academy of Sciences of the Czech Republic and is used by CERGE-EI to carry out its joint activities.

Throughout its history, Central Europe has been influenced profoundly by a small number of very large and powerful countries. Germany and Russia, representing the western and eastern borders of the region, have always had a strong influence culturally and linguistically. The region, according to most historians, extends from the Baltic Sea, in the north, southward to the border of Yugoslavia and Bulgaria. The majority of the countries in this region have been member states in larger empires (e.g. Prussia or the Austro-Hungarian Empire), and there have always been radical shifts in their orientation when these imperial structures broke apart. With the collapse of communism in 1989, and the disintegration of the Soviet Union two years later, the states of Central Europe have been presented another opportunity to "choose their own path." In the past fifteen years, it has been shown that the most desired path leads westward, with an aim to "return to Europe." This is most visible by becoming members in Western political structures like the European Union.