The Nobel Prize for Peace 2012 awarded to the European Union

The Nobel Peace Prize was awarded Friday to the European Union (EU) for its contribution to the promotion of peace, democracy and human rights in the old continent, announced the Norwegian Nobel Committee.

The Norwegian prize committee said the EU received the award for six decades of contributions “to the advancement of peace and reconciliation, democracy and human rights in Europe."

“The EU is currently undergoing grave economic difficulties and considerable social unrest,” said chairman of the Nobel Committee, Thorbjoern Jagland.

“The Norwegian Nobel Committee wishes to focus on what it sees as the EU’s most important result- the successful struggle for peace and reconciliation and for democracy and human rights."

Norwegian public broadcaster NRK said an hour before the announcement that the EU would win.

The prize, worth $1.2 million, will be presented in Oslo on December 10, but it was not yet clear who would accept the prize for the EU.