Nobel Peace Prize formally handed to crisis-hit EU

The European Union, facing its worst crisis in six decades, was officially awarded the 2012 Nobel Peace Prize on Monday for turning Europe "from a continent of war to a continent of peace."

The European Union, facing its worst crisis in six decades, was officially awarded the 2012 Nobel Peace Prize on Monday for turning Europe "from a continent of war to a continent of peace."

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With a score of EU heads of state and government looking on, Norwegian Nobel Committee chairman Thorbjoern Jagland handed the prize to a threesome of EU leaders -- EU president Herman Van Rompuy, European Commission president Jose Manuel Barroso and European parliament president Martin Schulz.