The conferring of Nobel Peace Prize to European Union is really a commendable job by the Nobel Trust and this will go a long way in encouraging other regional cooperation and trading blocs to act for sustaining the peace and prosperity in the world. The war torn small countries of Europe have recovered and enjoyed a sustained growth and prosperity under the ambit of European Union which stated as a regional economic cooperation and now it is a full-fledged economic and political bloc having unified currency system and improved economic interactions. The competitive advantage that euro-zone enjoy need to be sustained further as there as still some of the weaker economies of the Union which find difficult to maintain the pace of economic growth. This year we saw how European Union took a judicious stand to assist Turkey in overcoming the heavy debt burden. The coordinated policy decisions of the member states has borne fruit and the Union is bound to return back to its earlier growth trajectory. European Union proved to be worthy of the Nobel Peace Prize for promoting peace, democracy and human rights over six decades and this award can be seen as a morale boosting for the European Union in the struggles to resolve the economic and political crises of the Europe. The EU's historical role as a builder of peace and promoter of democratic institution is remarkable. The union's existence is under challenge from the financial crisis and this prize will give them a valid reason for sustaining and strengthening their efforts for the development and maintenance of the peace.
Shashikant Nishant Sharma