(CNN) -- The European Union won the Nobel Peace Prize on Friday as it grapples with the worst crisis since its founding -- devastating debt and the threat of disintegration. The prestigious award was a salute to the struggling 27-nation union for its work in promoting democracy and reconciliation since World War II. It was a cheer for an entity tackling the continent's economic misery -- particularly in debt-ridden Greece, Spain, and Portugal -- as some member countries might be faced with dropping the euro, the EU currency. The timing wasn't a coincidence. "This is, in a way, a message to Europe that we should do everything we can and move forward," said Thorbjen Jagland, the chairman of the Norwegian Nobel Committee and a high European Council official.
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Crisis Group calls EU "one of greatest conflict resolution mechanisms ever devised"
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Italian protester has a complaint: Europe's economy "works in favor of the banks"
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The Nobel Committee has "no ambitions" to save the euro, committee chairman says
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We must work hard for "peace, for democracy, for freedom," German chancellor says
Within the EU, disparities have persisted between economically strong members, such as @placeholder, which has fronted European bailout money, and economically weaker countries like Greece suffering from strict austerity measures and unemployment.