On 12 October 2012 the Nobel Prize Committee decided to award the 2012 Nobel Peace Prize to the European Union for over six decades' contribution to the advancement of peace and reconciliation, democracy and human rights in Europe. The Prize Award Ceremony shall take place in Oslo on 10 December 2012.
The Commission has formally accepted the prize money on behalf of the European Union and states that the approximate €930, 000 will be allocated to children that are most in need. In the coming weeks, the Commission will decide on the details of the project, including the precise terms of reference, beneficiaries' selection process and legal and budgetary aspects.
The Nobel Peace Prize consists of an amount of SEK 8 million, a medal and a diploma. The medal and the diploma will be kept by the European Union institutions on behalf of the European Union. The amount of money and the medal constitute a donation within the meaning of Article 19 of Regulation No 1605/2002. The amount awarded will be used for developing projects in accordance with the aim of the Nobel Peace Prize, and more specifically for action in support of children affected by war and conflicts.
The decision to be taken by the European Commission will be in conformity with Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities.