Norway's Nobel Committee handed its 2012 Peace Prize to the European Union.
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The committee, whose decision Europeans both celebrated and mocked, said the prize recognized more than six decades during which the conflict-ridden continent pulled together and became a harbinger of "peace and reconciliation, democracy and human rights" at home and beyond.
But Thorbjørn Jagland, the committee's chairman, also stressed that Europeans should see the prize as a warning of what the 27-country bloc stands to lose if the current economic turmoil breaks its cohesion.
"This year we saw that the prize could be important in giving a message to the European public of how important it is to secure what they have achieved on this continent," he said as he announced the award in Oslo.
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"We don't have a position on how to solve the economic crisis, but we believe it will be important to solve it and that European unity can be kept so that Europe can move forward," Mr. Jagland said.
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