penny, and the religious persecution of Protestants by the newly introduced Inquisition. The revolt escalated into the Eighty Years' War, which ultimately led to Dutch independence. Strongly pushed by Dutch Revolt leader William the Silent, the Dutch Republic became known for its relative religious tolerance. Jews from the Iberian Peninsula, Protestant Huguenots from France, prosperous merchants and printers from Flanders, and economic and religious refugees from the Spanish-controlled parts of the Low Countries found safety in Amsterdam. The influx of Flemish printers and the city's intellectual tolerance made Amsterdam a center for the European free press. Center of the Dutch Golden Age During the 17th century, Amsterdam experienced what is considered its Golden Age, during which it became the wealthiest city in the Western world. Ships sailed from Amsterdam to the Baltic Sea, the Caribbean, North America, and Africa, as well as present-day Indonesia, India, Sri Lanka, and Brazil, forming the basis of a worldwide trading network. Amsterdam's merchants had the largest share in both the Dutch East India Company (VOC) and the Dutch West India Company. These companies acquired overseas possessions that later became Dutch colonies. Amsterdam was Europe's most important hub for the shipment of goods and was the leading financial center of the western world. In 1602, the Amsterdam office of the Dutch East India Company became the world's first stock exchange by trading in its own shares. The Bank of Amsterdam started operations in 1609, acting as a full-service bank for Dutch merchant bankers and as a reserve bank. Beginning during this period, Amsterdam also became involved in the trade in African slaves. The city was a major destination port for Dutch slave ships beginning in the 17th century, which lasted until the United Netherlands abolished the Dutch involvement in the trade in 1814 under pressure by the British government. Amsterdam was also a member of the Society of Suriname, an organization founded to oversee the management of Surinam, a Dutch slave colony. On 1 July 2021, the mayor of Amsterdam, Femke Halsema, apologized for the city's involvement in the African slave trade, which had contributed to the city's wealth. Decline and modernization Amsterdam's prosperity declined during the 18th and early 19th centuries. The wars of the Dutch Republic with England (latterly, Great Britain) and France took their toll on the city. During the Napoleonic Wars, Amsterdam's significance reached its lowest point, with Holland being absorbed