The Nobel Peace Prize for 2012 for the European Union

[Divernan]

11. EU's financial sector (Eurozone crisis) originated in US's unregulated banking practises

Last edited Fri Oct 12, 2012, 08:59 AM - Edit history (1)

European Commission chief Jose Manuel Barroso blames US banks for eurozone crisis at G20 summit
"The opening of the G20 summit in Mexico has been overshadowed by comments from European Commission president Jose Manuel Barroso that US banks are ultimately to blame for the eurozone crisis.
As European leaders come under intense pressure to resolve the sovereign debt crisis, Mr Barroso told a Canadian journalist Europe had not come to the resort town of Los Cabos to receive 'lessons'.

'Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy,' he said in answer to a question on why North Americans should help the EU.

'This crisis was not originated in Europe; seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market.

Read more: http://www.metro.co.uk/news/902494-eu-chief-barroso-blames-us-banks-for-eurozone-crisis-at-g20-summit#ixzz295IGO3SX

And more from the Nobel prize committee link in the OP:

"The EU is currently undergoing grave economic difficulties and considerable social unrest. The Norwegian Nobel Committee wishes to focus on what it sees as the EU's most important result: the successful struggle for peace and reconciliation and for democracy and human rights. The stabilizing part played by the EU has helped to transform most of Europe from a continent of war to a continent of peace. "

The work of the EU represents "fraternity between nations", and amounts to a form of the "peace congresses" to which Alfred Nobel refers as criteria for the Peace Prize in his 1895 will.

"In the 1980s, Greece, Spain and Portugal joined the EU. The introduction of democracy was a condition for their membership. The fall of the Berlin Wall made EU membership possible for several Central and Eastern European countries, thereby opening a new era in European history. The division between East and West has to a large extent been brought to an end; democracy has been strengthened; many ethnically-based national conflicts have been settled.

The admission of Croatia as a member next year, the opening of membership negotiations with Montenegro, and the granting of candidate status to Serbia all strengthen the process of reconciliation in the Balkans. In the past decade, the possibility of EU membership for Turkey has also advanced democracy and human rights in that country."