Bulgarian Foreign Minister Nikolay Mladenov believes that the awarding of the 2012 Nobel Peace Prize to the European Union is acknowledgment "for all of us" and an inspiration to the rest of the world.

"I think that all of us, Bulgarian and EU citizens, can congratulate ourselves on this award, which is not only recognition of our common efforts but also give us confidence that we are on the right track," Mladenov has said in a statement.

"For Bulgaria, today's award means recognition that our efforts here in the Balkans are fully in the context of the success of the European idea. The top priorities for Bulgaria are not only to be an example of tolerance and good neighbourliness but also a generator of stability in a difficult region," he added.

"This means that we should not lose our enthusiasm for the future of Europe, for the enlargement of the European family here in the Balkans, and for the role that we can have in resolving conflicts in the world."

The Norwegian Nobel Committee in Oslo awarded the Nobel Peace Prize to the European Union on Friday.

Speaking shortly after the Nobel announcement in Oslo, European Commission president Jos? Manuel Barroso, said he was honored by the decision and that it was a reminder that even during the current crisis, "the EU is something very precious".

The critics however were quick to point out that the award is playing down the impact of the raging financial crisis, as well as the role of NATO for preserving the peace in Europe.

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