Amidst a deep financial crisis, the Nobel Peace Prize has been awarded to the European Union.

The prize committee said the EU received the award for six decades of contributions “to the advancement of peace and reconciliation, democracy and human rights in Europe.”

“The stabilizing part played by the European Union has helped to transform a once torn Europe from a continent of war to a continent of peace,” Nobel committee chairman Thorbjoern Jagland said.

The European Union is now made up of approximately 500-million people across 27 nations, with several nations still lined up and waiting to join.

“Today war between Germany and France is unthinkable. This shows how, through well-aimed efforts and by building up mutual confidence, historical enemies can become close partners,” the committee said.

The prize was focused on the historical role the EU has played a builder of peace, and comes at a time when some have questioned the very existence of the Eurozone, thanks to a financial crisis that has shaken the union.

It is not yet clear who will accept the prize for the EU.