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OSLO, Norway—The European Union has been awarded the 2012 Nobel Peace Prize, a move that comes as the 27-member bloc works to contain the debt crisis in the euro zone.
The award follows the Norwegian Nobel Committee's awarding of three women in Africa and the Middle East the prize in 2011, recognizing the Arab Spring with a pointed emphasis on women's rights in that region.
The award was announced by the head of the Norwegian committee Thorbørn Jagland in front of a crowded room at the Nobel Norwegian Institute in Oslo Friday.
The peace prize concludes a week during which Nobel institutions have awarded other prizes, including science and literature. The Nobel Foundation, under pressure to cut costs following sluggish returns on capital in recent years, is slashing the value of its prestigious prizes for the first time in 63 years while also looking to trim in other areas, such as expenses related to its annual banquet.
Winners of the 2012 Nobel Prizes will be paid 8 million Swedish kronor, or about $1.1 million, representing a 20% decline from the 10 million kronor, or $1.4 million, paid out last year.
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What?
The award follows the Norwegian Nobel Committee's awarding of three women in Africa and the Middle East the prize in 2011, recognizing the Arab Spring with a pointed emphasis on women's rights in that region.
The award was announced by the head of the Norwegian committee Thorbørn Jagland in front of a crowded room at the Nobel Norwegian Institute in Oslo Friday.
The peace prize concludes a week during which Nobel institutions have awarded other prizes, including science and literature. The Nobel Foundation, under pressure to cut costs following sluggish returns on capital in recent years, is slashing the value of its prestigious prizes for the first time in 63 years while also looking to trim in other areas, such as expenses related to its annual banquet.
Winners of the 2012 Nobel Prizes will be paid 8 million Swedish kronor, or about $1.1 million, representing a 20% decline from the 10 million kronor, or $1.4 million, paid out last year.
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What?
