Tory peer: Solve the eurozone crisis and win £250k

Tory peer Lord Wolfson of Aspley Guise, chief executive of retailer Next, is offering a £250,000 prize to anyone who can explain how to manage a country's transition from the euro to a new national currency.

The prize aims to ensure "high-quality economic thought" is given to how the euro might be restructured into more stable currencies, the Times reports. "There is now a real possibility that political or economic pressure may force one or more states to leave the euro. "If this process is mismanaged it could threaten European savings, employment and the stability of the international banking system," Lord Wolfson said. The Wolfson Prize will be the second-biggest cash prize to be awarded to an academic economist after the Nobel. Potential applicants are being asked to submit an arti...