RIBA runs many awards including the Stirling Prize for the best new building of the year, the Royal Gold Medal (first awarded in 1848), which honours a distinguished body of work, and the Stephen Lawrence Prize for projects with a construction budget of less than £500,000. The RIBA also awards the President's Medals for student work, which are regarded as the most prestigious awards in architectural education, and the RIBA President's Awards for Research. The RIBA European Award was inaugurated in 2005 for work in the European Union, outside the UK. The RIBA National Award and the RIBA International Award were established in 2007. Since 1966, the RIBA also judges regional awards which are presented locally in the UK regions (East, East Midlands, London, North East, North West, Northern Ireland, Scotland, South/South East, South West/Wessex, Wales, West Midlands and Yorkshire).