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European Union wins 2012 Nobel Peace Prize

12 October 2012 Last updated at 23:39 BST

The European Union has been awarded the Nobel Peace Prize for six decades of work in advancing peace in Europe.

The Nobel committee said the EU had helped to transform Europe "from a continent of war to a continent of peace".

It comes as the EU faces the biggest crisis of its history, with recession and social unrest rocking many of its member states.

Matthew Price reports.