The Committee of the 2008 Bernácer Prize has the pleasure of making the
following announcement: “The 2008 Bernácer Prize has been awarded to Prof.
Markus Brunnermeier [http://www.princeton.edu/~markus/] (Princeton
University) for his important research on explaining the emergence and
persistence of asset price bubbles, the causes of liquidity crises in
financial markets, and the implications of these phenomena for risk
management and for financial regulators”.

The Selection Committee is composed by Prof. Lucas Papademos (Chair),
Prof. Jordi Galí, Prof. Francesco Giavazzi, Prof. Edward. C. Prescott,
Prof. Eduardo Schwartz, Dr. José Viñals, Prof. Charles Wyplosz and Prof.
Juan J. Dolado (Secretary).

The 2008 Bernácer Prize will be awarded at a solemn ceremony in Madrid, on
June 10, 2008. This year the winner will be given a cash award of 30,000
euros.

The Bernácer Prize is awarded annually to European economists under the
age of 40, who have made outstanding contributions in the fields of
macroeconomics and finance.

Named in honour of Germán Bernácer (1883-1965), the first Spanish
economist who made significant contributions to the development of
macroeconomic research,  the BERNÁCER PRIZE was established in 2001 to
recognise the work of young economists from the European Union and to
stimulate research on European macroeconomics and financial issues.

Yours faithfully,

The Observatory of the European Central Bank
www.obce.es