Despite an enormous financial crisis that has yielded high unemployment and massive debt, regional conflicts, austerity budgets, unending protests and calls for higher taxes on the rich within its domain, the European Union won the 2012 Nobel Peace Prize for contributing "to the advancement of peace and reconciliation, democracy and human rights in Europe" for more than six decades.

"The EU is currently undergoing grave economic difficulties and considerable social unrest," the Norwegian Nobel Committee said in a statement. "The 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. The stabilizing part played by the EU has helped to transform most of Europe from a continent of war to a continent of peace."

The committee's choice of the European Union came out of more than 200 nominations, including many bloggers involved with Arab Spring, people connected to human rights work across the world, religious leaders and nonviolent resistance experts. The committee essentially said that the widespread protests in the EU are a sign that democracy is thriving.

The committe cited the dramatic change in Europe since the the union was formed after World War II in its reasoning for rewarding the EU.

"Over a seventy-year period, Germany and France had fought three wars. Today war between Germany and France is unthinkable. This shows how, through well-aimed efforts and by building up mutual confidence, historical enemies can become close partners."

But the award was not graciously accepted by all Europeans.

"The EU may be getting the booby prize for peace because it sure hasn't created prosperity. The EU has created poverty and unemployment for millions," a British political leader said.

EU Chief Herman Van Rompuy said he was proud of the award, which comes with a $1.2 million prize. That's about 0.000009 percent of the European Union's debt.

"Europe got through two civil wars in the 20th century and we have established peace thanks to the European Union. So the European Union is the biggest peacemaker in history," he said.

The union was also credited for bringing democracy to countries such as Spain and Portugal and eastern Europe.

"The division between East and West has to a large extent been brought to an end; democracy has been strengthened; many ethnically-based national conflicts have been settled," the committee said.

Next on the list for membership are Croatia, Montenegro, Serbia and Turkey, it said.

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