Praça do Comércio or Terreiro do Paço is Lisbon's most emblematic square. The name of Terreiro do Paço before the earthquake of 1755 is due to the fact that the Royal Palace occupied at the time the western wing of the square, which also functioned as the great reception hall of the city. Opening southwards to the Tejo River and bordered by 79 arches, it is one of the largest and most beautiful squares in Europe, covering some 36,000 m². Of compulsory visit, it also has two points of interest worth mentioning, the equestrian statue of D. José I, Portuguese king during the time of the Lisbon earthquake, and on the north wing, the Arco da Rua Triunfal da Augusta