The European Union was awarded the 2012 Nobel Peace Prize for advancing "peace and reconciliation, democracy and human rights in Europe", said Thorbjoen Jagland, chairman of the Norwegian Nobel Committee, on Friday.

Announcing this year's winner of the prize, Jagland said: "The union and its forerunners have for more than six decades contributed to the advancement of peace and reconciliation, democracy and human rights in Europe."

Over a 70-year period, Germany and France had fought three wars, and today war between the two countries is unthinkable, the citation reads.