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Jens Stoltenberg will be the new central bank governor – NRK Norway – Overview of news from different parts of the country

It appears from the list of applicants, which was published by the Ministry of Finance on Tuesday morning. A total of 22 people have applied for the position of new central bank governor.

Jens Stoltenberg confirms that he has applied for the job as central bank governor.

– I was contacted by the Ministry of Finance in November with a request if I would consider applying for the position. I have now done that, and this is a job I am very motivated for, says Stoltenberg in a statement sent via his press contact.

NRK has been in contact with press contact Sissel Kruse Larsen. She refers to the statement given to NTB. Larsen says Stoltenberg is now chairing a NATO council meeting and is therefore not available for further comment.

Stoltenberg adds in the statement that the ministry has clarified that his background as former prime minister and secretary general of NATO does not conflict with the central bank’s rules on who can hold this position.

– I have made it clear to the Ministry of Finance that if I get the position, it will not be possible for me to join until my period in NATO expires on 1 October 2022.

Compete with the Deputy Governor

A quick review of the list of applicants shows few other applicants known from the Norwegian public. A solid exception is Deputy Governor Ida Wolden Bache (48). Bache is by the way the only woman of the total of 22 applicants on the list.

I have applied for the position of central bank governor after dialogue with the Ministry of Finance. As Deputy Governor, I have a good picture of what the position entails, and am motivated for the job, says Bache to NRK.

When asked if it is time for Norway to have its first female central bank governor, Bache replied the following in October:

– I’m the last to comment, but I hope it happens one day.

– Not a tradition for politicians

Liberal Party leader Sveinung Rotevatn says he is skeptical of Stoltenberg’s candidacy. Rotevatn says it has nothing to do with his person, but that he on the contrary respects Stoltenberg as a politician.

Rotevatn says it has to do with the central bank governor’s independence.

We have no tradition of party politicians entering this important position. It is very important that everyone can have confidence that the central bank operates independently of the day-to-day policy in everything from issues of interest rate setting to the Petroleum Fund’s investments.

Rotevatn believes that the former Labor leader’s “exceptionally close ties to the government”, both personally and party-politically, can create perceived uncertainty in this way.

I see Stoltenberg saying that he is encouraged by the Ministry of Finance to apply for the job. I hope the Minister of Finance thinks about both one and two tongs before he possibly goes for such an appointment

Think Stoltenberg gets the job

Economist Knut Anton Mork sees two current names on the list of applicants: Deputy Governor Bache and Stoltenberg.

There is no doubt about it. Now it is always the case that the list of applicants does not tell everything. The government hires who they want. This has always been the case, he says.

Chief economist Kjersti Haugland in DNB Markets thinks it is interesting that the Ministry of Finance has contacted Stoltenberg, and asked him to apply.

Haugland believes this indicates that the ministry has ignored the debate about whether it can be a problem to have a person with a heavy political background as central bank governor.

Independence from politics in general has been seen as an important part of the central bank institution. That the Ministry of Finance encourages to apply, clearly states that the Ministry of Finance does not see this as a problem, Haugland says to NRK.

Ergo, I think Stoltenberg will get the position. That was the clearest argument for me in favor of Stoltenberg, says Haugland.

Economist Mork is also surprised that Amund Holmsen is not on the applicant list. Holmsen is head of operations at the Ministry of Finance and was previously employed by Norges Bank, Mork points out.



Word button

There has been great tension over whether the Secretary General of NATO, Jens Stoltenberg, will be among the applicants.

Dagens Næringsliv wrote earlier this autumn that Stoltenberg, according to newspaper sources, will accept the job if he is offered it. NRK has previously talked to headhunters who called the job advertisement «very Stoltenberg-friendly».

Stoltenberg was tight-lipped when NTB asked him to comment on the rumors at a press conference at the end of November.

– When it comes to my future in Norway, this is not the time to comment on it. This is something I want to address when it comes to going back to Norway, he said.

The former Prime Minister and Labor leader took over as NATO chief on 1 October 2014 and has since had the period extended several times. He resigns on September 30, 2022.

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