Stoltenberg’s candidacy for Norwegian central bank faces growing opposition
Jens Stoltenberg’s candidacy for the next governor of Norway’s central bank has drawn growing opposition from MPs, who have expressed concerns about the independence of monetary policy and trust in public figures.
The NATO secretary general, who is a former Norwegian prime minister, was seen as the favorite for the job, which includes overseeing the country’s $1.4 billion oil fund – the world’s largest sovereign wealth fund. — since his candidacy was last made public. month.
But the majority parties in Norway’s parliament now oppose his candidacy after a series of revelations about dinner parties involving Stoltenberg, current Prime Minister Jonas Gahr Store and oil fund boss Nicolai Tangen, as well as the well-connected banker son of former Prime Minister Gro Harlem Brundtland.
“We are a small country with the most important positions held by a small number of the same people from the Norwegian elite. I don’t think it would look good in another country and it doesn’t look good in Norway,” said Kari Elisabeth Kaski, an MP from the Socialist Left party which supports the current center government. -left, at the Financial Times.
Tina Bru, deputy leader of the Conservatives, the country’s main opposition party, said Stoltenberg’s appointment could damage trust in the political system. “We cannot afford to jeopardize the trust and independence of an institution as important as Norges Bank,” she said.
Stoltenberg is in the running to replace Oystein Olsen as governor of Norway’s central bank when he steps down next month. But the NATO chief said he would continue to lead the military alliance until the end of his term in September.
His main opponent in the battle to become governor is Ida Wolden Bache, Norges Bank’s current deputy and former monetary policy chief, who would become the first woman to hold the post if successful.
Opposition to Stoltenberg has crystallized after a series of revelations of his meetings with members of Norway’s political and business elite, including Store, who has excluded himself from talks about the governor due to his conflict of interest .
Dinners at the home of Knut Brundtland, executive chairman of ABG Sundal Collier bank, have led the opposition to argue that a small group of social democratic politicians and business figures wield excessive power in Oslo. Tangen told local media on Friday that he did not seek permission from the Finance Ministry to meet with a lawmaker, as is the tradition with oil fund chiefs, because the dinners were private.
Sylvi Listhaug, leader of the populist Progress party, said the nomination process had started to look far-fetched and now threatened Norges Bank’s independence.
Officially, opposition parties in Norway have little influence on the process as Finance Minister Trygve Slagsvold Vedum will decide the next central bank governor.
But Kaski warned: “It is wise for the government to listen to good arguments coming from the opposition. . . If you have someone in that role with that much political baggage, that could be a problem.