This is the Cato Daily Podcast for Friday, October 12, 2012.

I'm Caleb Brown.

The European Union is the latest recipient of the Nobel Peace Prize for the Group of Nations

contribution to peace, democracy, and human rights in Europe. But the EU's

contribution isn't so clear cut that from Marion Tupi a policy analyst at the Cato Institute.

This is from the press release released by the Nobel Committee.

The Norwegian of peace and

democracy and human rights in Europe.

How true is that?

Well, I think that awarding the Nobel Peace Prize to the European Union

really goes beyond parity. Whatever one thinks about the EU,

giving the Nobel Peace Prize to the European Union today at the time when the European Union is going through existential crisis,

when its economy suffers from very high unemployment,

the common European currency is breaking apart.

The institutions of the European Union are distrusted.

Corruption is pervasive.

To do that today sounds like a farce to me and I think that the

that the Nobel Peace Prize Committee has really undermined whatever credibility it had left.

Until this most recent crisis, or should say until the Euro crisis, many of the countries in Europe have had strong economies for a very long time.

They have traded with each other freely.

Travel has always been very easy over the last six decades around Europe.

Is that part of what's going on here?

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