Vatican City Flag: Meaning and History

History of the flag
The Vatican flag was adopted in 1929, the year in which the new state of Vatican City was created, independent and governed by the Holy See.
Along with the Swiss flag, it is the only square national flag in the world.
What do the elements of the flag mean?

The pontifical tiara is surrounded by the two keys to the Kingdom of Heaven, given by Jesus Christ to St. Peter, a symbol of the pontiff's spiritual as well as material authority.
Yellow and white are the colors of Saint-Pierre's keys.
