SCHUMPETER PRIZE 2015 AWARDED TO ECONOM LORD NICHOLAS STERN

Stern affirms: "Europe could be the driving force behind the industrial and urban revolution of the 21st century".

Nicholas Stern, the prestigious and world-renowned economist Univ. Prof. from the London School of Economics and winner of the 2015 Joseph A. Schumpeter Prize, reiterated his view yesterday evening in Vienna at the award ceremony held at the Austrian National Bank, that investments in low-carbon technologies are currently beneficial due to low interest rates and relatively high unemployment rates. Nicholas Stern said: "Europe can lead this story”. It makes strong economical sense to act vigorously when it comes to infrastructure. He stressed, "Moreover, this policy will have a greater leverage effect if Europe works together on this issue. Europe could spearhead the industrial and urban revolution of the 21st century so that its cities become less congested and polluted, and their energy systems more efficient, cleaner, coherent and secure."

The Schumpeter Prize, financed by the "Helmut Zilk Fund for International Relations of Vienna" , is awarded on the initiative of the Schumpeter Society for innovative achievements in the fields of economics, economic sciences and economic policy. The prize was awarded by City Councillor for Science Dr. Andreas Mailath-Pokorny. Although Federal Chancellor Werner Faymann and Vice Chancellor Reinhold Mitterlehner announced a tax reform at the same time, yesterday's ceremony was also attended by Federal Chancellor (ret.) Dr. Franz Vranitzky, President of the Schumpeter Society, and Univ.-Prof. Dr. Ewald Nowotny, Governor of the Austrian National Bank (OeNB), as well as numerous prominent guests from business, society, politics and diplomacy.