A top British economic consultancy has won the STG250,000 ($A381,941) Wolfson Economics Prize for proposing how a member country could leave the euro.
The award to Roger Bootle and his team from Capital Economics was announced on Thursday by the Policy Exchange, a London think tank.
The winning paper, judged the best of 425 entries, argued that the exit of one or more members from the eurozone would have a net positive effect for the current members and for the world at large.
"People may disagree on whether leaving the euro is a good thing but the contribution of the Wolfson Prize has been to demonstrate that it can be done," Bootle said.
The winning paper proposed a country leaving the euro should disclose its plans just three days before acting, preferably announcing it on a Friday.
The authors proposed the new national currency should be exchanged for euros on a one-for-one basis, and all wages, prices, loans and deposits would be redenominated one-for-one. The country should be prepared to accept a swift fall in the currency's value, the authors said.
They also recommended the government redenominate its debt in the new national currency and seek to renegotiate the terms of its debt, which could include a substantial default.
The prize is sponsored by the Charles Wolfson Charitable Trust and administered by Policy Exchange.
"The prize was offered in the unshakable belief that the more thought and preparation that goes into a break up, the less damaging a collapse would be," said Simon Wolfson, chief executive of the Next retail empire and grandson of the late Charles Wolfson.
"The multiple attempts to stabilise the euro appear to do little more than re-finance the unsustainable borrowings of the euro's weaker members," he said, but "nothing has been done to address structural problems of these stricken economies."