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The Nobel Prize in Economics is an incredible recognition for the work that my students, colleagues and I have done over the years. We all worked hard, but we were also lucky that the financial applications were so important.

The E.U. is an organization that was created after the Second World War for calming down the nationalism of member states, and it did so very successfully.

Firstly, people take for granted that the E.U. has created the biggest economic space in the world.

With the variety of fields within economics, broadly conceived and the increasing specialization of scholarly world, the award of a Nobel Memorial Prize honors not only the individual scholar but, implicitly, also a special field or a distinctive method.

The E.U. is the latest of a series of multinational organizations set up after World War II to ensure that there would never again be a pan-European war and to create the conditions for a new European prosperity after the destruction wrought by the war against the Nazis. The E.U. has admirably succeeded at both.

Peace in Europe can only come through union in one economic system. The United States of Europe are overdue.

The Nobel prizes memorialize Alfred Nobel's faith in the contribution that human thought, directed to science and art, can make to human welfare.

Nobel was a genuine friend of peace. He even went so far as to believe that he had invented a tool of destruction, dynamite, which would make war so senseless that it would become impossible. He was wrong.

It is a wonderful and unexpected honor to receive the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Receiving this prize with Joseph Stiglitz and George Akerlof, whose work I have learned from and admired, makes it even more gratifying.

The Nobel Peace Prize has become hopelessly politicized. I think it cheapens the prize itself.