A Glance at the Nobel Peace Prize The 27-nation European Union. The EU received the award for what the Norwegian prize committee said were six decades of contributions "to the advancement of peace and reconciliation, democracy and human rights in Europe" after two devastating world wars in the 20th century. The award comes as the EU faces its greatest internal crisis since it was established in the 1950s. The EU was born out of a belief that deeper economic ties would ensure peace. The goal of deeper union is now at risk as the economic crisis is reviving old national rivalries and enmities. Jose Manuel Barroso, president of the EU's executive arm: "It is justified recognition for a unique project that works for the benefit of its citizens and also for the benefit of the world."