The Norwegian Nobel Committee awarded its 2012 peace prize on Friday to the 27-nation European Union, lauding its role over six decades in building peace and reconciliation among enemies who fought Europe’s bloodiest wars, even as the Continent wrestles with economic strife that threatens its cohesion and future.

The award also seemed to illuminate competing visions of Europe as both historical unifier and meddlesome overlord, recalling deep strains within the bloc, primarily between Germany and other European nations over Berlin’s insistence on austerity to resolve the euro crisis, measures that have brought pain to Greece and Spain in particular.

Thorbjorn Jagland, the former Norwegian prime minister who is chairman of the panel awarding the prize, said there had been deep concern about Europe’s destiny as it faces the debt-driven woes that have placed the future of the single currency in jeopardy.

Read more in the NY Times.