he European Union has been awarded the Nobel Peace Prize for 2012. The award has been given to the European Union (EU) for six decades of work in advancing peace in Europe. The Norwegian Nobel Committee said, the EU has helped to transform Europe from a continent of war to a continent of peace. 

Announcing the award, Nobel Committee President Thorbjoern Jagland acknowledged the EU's current financial problems and social unrest. But he said, the committee wanted to concentrate on the EU's work over six decades of advancing peace and reconciliation, democracy and human rights. 

The President of the European Parliament Martin Schulz, said he was deeply touched and honoured with the award. The award comes as the European Union faces the biggest financial crisis of its 54-year history, with many of its member states mired in recession. The last organisation to be given the award outright was Medecins Sans Frontieres, which won in 1999.