13/10/2006 (Agence Europe) - On Friday, the EU welcomed the fact that the Nobel Peace Prize had been awarded to Muhammad Yunus of Bangladesh and to his bank specialising in micro-loans, the Grameen Bank. “The work undertaken by Mr Yunus and his bank to combat poverty links solidarity with individual initiative. This approach corresponds to our development philosophy”, the European Commission spokesman's department said on behalf of President José Manuel Barroso. The president of the European Parliament, Josep Borrell, also congratulated Mr Yunus, saying: “I sincerely hope that the awarding of this prize will further boost the global campaign against poverty, which continues to be one of the biggest challenges facing us in the 21st century”. (hb)