Coinciding with its twenty anniversary, the OBCE has decided to create a new body to help strengthen further the prize: the German Bernacer Prize Advisory Board. It will be formally announced at the solemn award ceremony of this year’s edition, which will take place in the second half of November 2021. It will become fully operational as from the 2022 prize cycle.
The mission of the new committee will be to strengthen the German Bernacer Prize mainly in three areas:
- Appointment of members of the German Bernacer Prize Selection Committee among internationally recognized academic economists.
- Strengthening the nomination process by promoting nominations among the international academic community, including universities, research departments of central banks and international economic organizations, and other research centers in EU countries and elsewhere. Each year, the Advisory Board will submit to the Selection Committee the list of nominees.
- Make proposals on possible changes in the rules of the prize.
The members of the advisory committee will be chosen from the academic community, central banks, international economic organizations and the financial system. They will undertake to join the advisory board for a period of two years (two cycles of the prize), with the possibility of renewal. The size of the group can be extended as appropriate, to include representatives from different EU countries and from outside the Union.
The group will meet (virtually) at least twice a year: one meeting at the start of every cycle of the prize to decide on possible changes in the Section Committee and the rules of the prize; and a second one to decide on the list of nominees that will be submitted to the Selection Committee.