European Union wins Nobel Peace Prize for uniting continent

The European Union was awarded the Nobel Peace Price on Friday for "transforming Europe from a continent of war to a continent of peace."

The award comes as EU countries try to resolve a debt crisis that threatens to plunge the global economy into recession and break up the EU, which coalesced after the Cold War. 

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As such, the Nobel Prize Committee's decision can been seen as a political boost for the EU, meant to encourage the nations to stay together during the economic crisis.

The crisis has prompted speculation that Greece or other EU members under pressure to reduce budget deficits could leave the union.