The Budapest University of Technology and Economics (Hungarian: Budapesti Műszaki és Gazdaságtudományi Egyetem or in short Műegyetem), in hungarian abbreviated as BME, English official abbreviation BUTE, is the most significant University of Technology in Hungary and is also one of the oldest Institutes of Technology in the world, having been founded in 1782. BME is considered the oldest Institutes of Technology of university rank and structure in the world. The legal predecessor of the university was founded in 1782 by Emperor Joseph II, and was named Latin: Institutum Geometrico-Hydrotechnicum ("Institute of Geometry and Hydrotechnics"). The "Berg-Schola," the world's first institute of technology, was founded in Selmecbánya, Kingdom of Hungary (today Banská Štiavnica, Slovakia) in 1735. Many members of the first teaching staff of BME arrived from Selmecbánya. It was reorganized in 1871 as Royal Joseph Technical University and was elevated to equal rank with other universities in the country. In 1910 it moved to its current site near Gellért square (next to the Art Nouveau Hotel Gellért).