The Nobel Peace Prize has been collected in Norway’s capital Oslo by the Presidents of the EU’s three main institutions.
The European Union was awarded the prize for its role in uniting the continent and bringing about reconciliation after two world wars.
The prize, which is for all Europeans, was received jointly by European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso and European Parliament President Martin Schulz.
Critics say the award is inappropriate at a time of economic crisis in the continent.
Germany and France were commended for their part in turning from old enemies into allies.
The prize money of 930,000 euros ($1.25 million) will be given to projects that help children, particularly those in war zones.