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European Union to use Nobel Peace Prize money to help children affected by wars

The European Union, the 2012 winner of the Nobel Peace Prize, has decided to spend its 8 million kronor ($1.2 million) reward on projects helping children in war and conflict zones.

The EU won the prize in recognition of its efforts to keep the peace on a continent long riven by fighting.

The European Commission on Wednesday agreed to administer the prize money on behalf of the EU. Commission President Jose Manuel Barroso said that because the award represents reconciliation, the funds "should benefit the first hope for the future, but also the first victims of present and past conflicts: children."

The Nobel Peace Prize, which also includes a medal and certificate, will be awarded at a ceremony in Oslo on Dec. 10.