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EU wins 2012 Nobel Peace Prize

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The European Union has been awarded the Nobel Peace Prize for its efforts to promote peace and democracy in Europe.

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 prize, worth $1.2 million, will be presented in Oslo in December. The decision by the five-member panel, led by Jagland who is also Secretary-General of the Council of Europe, was unanimous.