In 2012 the EU received the Nobel Peace Prize for advancing the causes of peace, reconciliation, democracy and human rights in Europe. The EU decided to dedicate the Nobel Peace Prize money to children who are denied the chance of growing up in peace, and doubled the Nobel award (€930,000), to €2 million.

Former President of Portugal Juan Manuel Barroso was the President of the European Commission, the executive body of the European Union, at the time. He accepted the Nobel Peace Prize on behalf of the EU. Today he serves as the non-executive Chairman of Goldman Sachs.