The five shortlisted finalists for the Wolfson Economics Prize have been announced.
The prize challenged economists worldwide to prepare a contingency plan for the break-up of the Eurozone, the question being 'If member states leave the Economic and Monetary Union, what is the best way for the economic process to be managed to provide the soundest foundation for the future growth and prosperity of the current membership?'
The shortlisted entries, say the judges, '…though all very different from each other, provide valuable ideas about how best to manage a member state leaving the euro'.
The £250,000 Wolfson Economics Prize is the second largest cash prize awarded to an economist after the Nobel Prize.
The five finalists are:
Roger Bootle and team, Capital Economics
Cathy Dobbs, private investor
Jens Nordvig and Nick Firoozye, Nomura Securities
Neil Record, Record Currency Management
Jonathan Tepper, Variant Perception
The judges have also decided to publish papers which they thought of interest and will receive a Â£1,000 prize and included:
Arnab Das, Roubini Global Economics
Charles Dumas, Lombard Street Research
Julian Le Grand, LSE
Michael Redican, Investment Banker
They gave a special mention and a €100 prize to the youngest entrant, 11 year old Jurre Hermans, who believes that Greece should leave the Euro.
Jurre Hermans, a school boy from Breedenbroek in Gelderland Achterhoek, was the youngest entrant to the Wolfson Economics Prize. He decided to enter the prize after watching Jeugdjournaal, and because of his concern about the Eurozone crisis. Jurre’s paper, complete with diagram, proposes that Greece should leave the euro. Greek citizens would exchange their euros for drachmas and anyone caught moving euros abroad would be penalised financially.
Derek Scott, Chairman of the judges, said 'The question of currency break-up is clearly enormously complex, spanning financial and legal arrangements. We were impressed by a number of the entrants' efforts to grapple with these issues. We felt it was only fair to give finalists the opportunity to refine their thoughts.'
Lord Simon Wolfson said 'Sadly, the risk of a country leaving the Eurozone has not gone away. The ideas contained in these entries are an invaluable contribution to tackling this important issue. I am incredibly grateful to everyone who made a submission and look forward to awarding the prize this summer.'