NATO chief to head Norway Central Bank — Analysis

Jens Stoltenberg will take the publish after ending his time period on the army group

Norwegian authorities named Jens Stoltenberg, the present NATO secretary normal, as the brand new Central Financial institution governor on Friday. The present chief, Oystein Olsen, will resign on March 1, and Stoltenberg will take over solely after his mandate as NATO chief expires this September.

One other candidate for the place, Norges Financial institution Deputy Chief Ida Wolden Bache, who was Stoltenberg’s most important rival, will take over administration from March till the brand new governor steps in.

The pinnacle of Norway Central Financial institution will lead the work in setting rates of interest and sustaining the nation’s monetary stability. He may even be in control of Norway’s sovereign wealth fund, which is estimated at $1.4 trillion and is the biggest on the planet.

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Stoltenberg’s candidacy has beforehand sparked criticism from Norwegian economic system consultants, who’re involved that this appointment might weaken the Central Financial institution’s independence, regardless of his coaching and expertise.

Jens Stoltenberg, an economist by schooling, acted as Norwegian prime minister from 2000 to 2001 and in 2005-2013, earlier than being appointed NATO secretary normal the next 12 months. He would be the first politician to occupy the publish for the reason that Nineteen Nineties.

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