The European Union has received the Nobel Peace Prize in honour of its peace-keeping since World War Two at a ceremony in Norway.
ITV News' Europe Editor James Mates reports from Oslo:
Deputy Prime Minister Nick Clegg has said that "it's not a bad thing" to honour peace in the European Union with the Nobel Peace Prize.
The Liberal Democrat leader said: "It's a not a bad thing from time to time to recognise that we've had 70 years of peace in a continent that had been racked with conflict and war for much of the last century."
Nick Clegg's office has tweeted a picture of the Deputy Prime Minister meeting French President Francois Hollande in Oslo, after the European Union received the Nobel Peace Prize.
Herman Van Rompuy goes for his JFK moment: "Ich bin ein Europaer", as he accepts the Nobel Peace Prize. I think Kennedy did it better.
European leaders are in Norway to collect the 2012 Nobel Peace Prize but Prime Minister David Cameron will not attend.
The European Union was awarded the prize for fostering peace on a continent ravaged by war.
Deputy Prime Minister Nick Clegg will represent Britain at the ceremony in Oslo, where Nobel committee chairman Thorbjoern Jagland will present the prize worth $1.2 million (around £750,000).
German Chancellor Angela Merkel and French President Francois Hollande will be among the leaders at the ceremony which comes before a summit on the financial crisis later this week.
The National Security Council (NSC) has congratulated the European Union on the awarding of the Nobel Peace Prize.
– NSC Spokesman Tommy Vietor
The United States congratulates the European Union on being awarded the Nobel Peace Prize. This award recognizes Europe’s commitment to the principles of democracy, freedom, and human rights, as well as its efforts to advance these values across the world.
In addition, it reflects the spirit and dedication of the Europeans to coexist peacefully in a society that draws strength from the diversity of its people, its languages and its cultures. We have no stronger partner than Europe and are pleased to see it recognized for its achievements.
David Cameron made no comment on the European Union's Nobel Peace Prize award bucking the trend of other EU leaders who were quick to express their pride.
German Chancellor Angela Merkel said the selection of the EU was a "wonderful decision" contrasting the Prime Minister who remained silent on the subject.
A spokesman for Mr Cameron said: "I don't think we're intending on putting anything out".
However, the Foreign Office did comment on the award, saying: "This award recognises the EU's historic role in promoting peace and reconciliation in Europe, particularly through its enlargement to Central and Eastern Europe".
Eurosceptic MP Bill Cash has hit out at the decision by the Norwegian Nobel Committee to award this year's peace prize to the European Union. He said:
It is like giving an Oscar to a box office flop. It is very sad that the Euro establishment are so desperate to bolster the image of an institution, now ridden with riots and dissension, that it should be given this formerly prestigious prize.
You only have to look to Croatia, the Balkan conflicts and the total breakdown over the Gulf and Iraq war to see how European nations fell out with one another over basic objectives. The prize itself was set up to mark the reduction of standing armies but the EU has persistently pursued the idea of a European army.