The Royal Palace (Romanian: Palatul Regal) of Bucharest, known as Palace of the Republic (Romanian: Palatul Republicii) between 1948 and 1990, is a monumental building situated in the capital of Romania, on Calea Victoriei. The palace in its various incarnations served as official residence for the kings of Romania until 1947, when the communist regime was installed after Michael I of Romania's forced abdication. Since 1950 the palace hosts the National Museum of Art of Romania. The Romanian royal family currently uses Elisabeta Palace as its official residence in Bucharest. Nowadays, the palace is used by the Romanian royal family just for different occasions. The palace is the largest and most significant royal residence in the country, containing emblematic official spaces such as the Throne Hall, the Royal Dining Hall and the monumental Voivodes' Staircase. An equestrian statue of the first king of Romania, Carol I stands in the center of a large square in front of it, traditionally known as the "Palace Square" (Romanian: Piața Palatului), but renamed "Revolution Square" after the Romanian revolution of 1989.