19/10/2011 05:49 BST | Updated 18/12/2011 05:12 GMT

Eurozone Crisis: Tory Peer Simon Wolfson Offers £250,000 Prize For Euro Exit Route

Simon Wolfson, the Conservative peer, has created a £250,000 prize for any economist who can find “an orderly unwinding of the euro”.

Writing in the Times, Wolfson, who is also the chief executive of the Next clothing chain, said that an unplanned collapse of the single currency area would “endanger the stability of the banking system, along with the savings and jobs of millions”.

Saying that he still holds out hope the eurozone’s problems could be resolved, Wolfson believes “the odds are stacked against it” and a “Plan B” is needed.

The ongoing debt crisis in the eurozone, which many in the markets believe is rolling towards an endgame over the next few weeks, has led to speculation that the single currency region cannot function in its current form, and must either come up with new institutions and new mechanisms to enforce fiscal discipline amongst its member states, or it must fragment.

The right wing think tank, Policy Exchange, will administer the prize.