UK businessman offers £250,000 prize for euro zone exit plan

PanARMENIAN.Net - A leading British businessman is offering a 250,000 pound reward for economists who can come up with the best plan for countries to quit the European single currency zone, Reuters reported.

The one-off prize is sponsored by Simon Wolfson, chief executive of British high street clothing chain Next, and a prominent supporter of Britain's ruling Conservative party who sits in the upper house of parliament.

"The future of the world economy will, in large part, be governed by what happens over the next few years in Europe," said Wolfson.

"I, along with most European businessmen, hope that the euro zone will stabilize, but in the event it does not Europe must not sleepwalk into a policy vacuum," added Wolfson.

"This prize aims to incentivize the world's brightest economic minds to help fill that policy void: their endeavors may well prevent Europe from descending into a financial chaos that would destroy savings, jobs, and social cohesion."

Economists have until January 31 to submit proposals for the one-off prize, the biggest available to academic economists after the Nobel Prize. Entrants will be judged by a panel of leading academic economists. The award process is being managed by Policy Exchange, an influential centre-right think tank.

Britain is a member of the European Union, although not part of the 17-nation euro zone. Its economic prospects are closely tied to the fate of the single currency.