OSLO (REUTERS) - The European Union won the Nobel Peace Prize for its long-term role in uniting the continent, the Norwegian Nobel Committee said on Friday, an award seen as a morale boost for the bloc as it struggles to rein in its festering debt crisis.
The committee praised the 27-nation EU for rebuilding after World War II and for its role in spreading stability to former communist countries after the 1989 fall of the Berlin Wall.
The prize, worth US$1.2 million (S$1.49 million), will be presented in Oslo on Dec 10.
The president of the European Parliament welcomed the award, saying it recognised post-war reconciliation in Europe and would serve as an inspiration.
This is very interesting indeed! Economic imperative takes over as the prime mover of world peace!!!