Op-Ed: European Union wins Nobel Peace Prize with praise, shock & humor

The EU, a 27-nation organization, has been awarded the Nobel Peace Prize for its historic role in "uniting the continent" and its contributions “to the advancement of peace and reconciliation, democracy and human rights in Europe.''

As Europe continues to struggle with the current economic crisis, bail outs and people going hungry and without employment, the EU wins the Nobel Peace Prize 2012.

This has caused a heated debate and even, apparently, some laughter, over the validity of this prize.... read more.

Nobel Peace Prize hit by crisis and to be reduced

With the economic crisis continuing, even the Nobel Peace Prize has felt the hit. Prizes will be reduced by up to 20% this year.

Based in Stockholm, Sweden, the Nobel Foundation had decided to reduce the value of the 2012 prize, due to economic difficulties.

While still a coveted prize, Nobel winners this year will receive 8 million Swedish kronor (about $1.1 million) each, as compared to the 10 million Swedish kronor, or $1.4 million, received last year.

The Nobel Foundation is trying to safeguard the long-term capital of the organization... read more.