 This event, in addition to Mexico's 1994 economic crisis, resulted in the loss of Guadalajara's industrial power.The city has hosted numerous important international events, such as the first Cumbre Iberoamericana in 1991; the Third Summit of Heads of State and Governments of Latin America, the Caribbean and the European Union in 2004; the Encuentro Internacional de Promotores y Gestores Culturales in 2005; and the 2011 Pan American Games.It was named the American Capital of Culture in 2005 and the Ciudad Educadora (Educator City).