The Nobel peace prize already began losing credibility, just like the Oscars, when it was awarded to the newly elected President of the United States of America, Barak Obama. This time the Nobel committee have gone one step worse and awarded the prize to the European Union.
The long drawn out explanation included praise for being democratic, for not being at war and for sticking together at times of crisis and conflict. Have the Nobel committee had their heads down researching who to give the prize to and forgotten to watch the news? The riots in Athens and Madrid, the austerity cuts and lack of political will to act on growth budgets seems to have been rewarded. Who missed the swipes countries took at each other when credit agencies were threatening downgrades?
The EU is a remarkably undemocratic institution (see any issue of the Private Eye) that represents democracy in member states. It pushes through legislation for all member states without being accountable itself for how it governs its finances.
The committee shared the optimism of much of the world when Obama won the election. However, he had only just come into office and had barely made his leather seat warm! Pre-emptive awards like pre-emptive attacks are dubious even with long explanations. Obama has since been remarkably hawkish with his foreign policy, however, once the expectation had been raised by the international community he could only disappoint.