A placard of Alfred Nobel is displayed during the Nobel Peace Prize winner media conference, at the Nobel institute in Oslo, Norway, Sunday Dec. 9, 2012. The Nobel Peace Prize Committee awarded the prize to the European Union for its efforts to promote peace and democracy in Europe, despite being in the midst of its biggest crisis since the bloc was created in the 1950s. (AP Photo/Yves Logghe)
OSLO, Norway (AP) — European leaders are in Norway to collect the 2012 Nobel Peace Prize, awarded to the European Union for fostering peace on a continent ravaged by war.
Nobel committee chairman Thorbjoern Jagland will present the prize, worth $1.2 million, at a ceremony in Oslo City Hall later Monday. Some 20 European government leaders are to attend the ceremonies and an evening banquet.
This year's prize comes against a backdrop of protests as the EU grapples with its worst financial crisis, which is causing deep tensions within the union, soaring unemployment and requiring massive austerity measures.
Nobel laureates in medicine, chemistry, physics and literature will be feted at similar ceremonies in the Swedish capital, Stockholm. The ceremonies are always held on the anniversary of award founder Alfred Nobel's death in 1896.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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