In: Economics
Between 1648 and 1789, the European powers had fought forty-eight wars, some of them, including the mid-eighteenth-century Seven Years ' War, lasting many years and extending across the globe. There were only five wars in Europe between 1815 and 1914 involving two great powers; all of them were time- and space-limited, and only one of them involved more than two major states. The European states were at peace with one another from the conclusion of the Franco-Prussian War in 1871 until the start of the Great War in 1914. This was the longest war-free period in European history until it was surpassed toward the end of the 20th century.
Pax Europaea is the era of relative peace that Europe witnessed in the years after the Second World War — often correlated above all with the formation of the European Union ( EU) and its predecessors. The stability became much more evident after the Cold War due to the decline in international tensions, with the significant exception of the Yugoslav wars and numerous conflicts with and within Russia. The EU received the Nobel Peace Prize in 2012.