NATO Secretary General Jens Stoltenberg would like to become head of the Norwegian central bank. He had been encouraged by the government to apply and he was motivated for the job, Stoltenberg said last week. The main problem facing Stoltenberg is not the move from the top of the world’s largest military alliance to the management level of a central bank. His rival, the deputy governor of Norges Bank, Ida Wolden Bache, could have the better cards, despite the great name of the NATO boss, because she is considered independent of politics. Stoltenberg, on the other hand, is a close friend of Prime Minister Jonas Gahr Støre, who has already stated that, given their friendship, he will not take part in the selection process. But the head of NATO is also closely connected with the incumbent finance minister: Trygve Slagsvold Vedum from the Center Party was agriculture minister in the last Stoltenberg cabinet.
For Norway, independence is an important factor in filling the position of head of the central bank: The bank has generally followed the ECB’s interest rate policy for years and is closely linked to all central banks through the Bank for International Settlements (BIS) . But the Norwegian central bank also determines the investments of the mighty Norwegian sovereign wealth fund, which is the largest sovereign wealth fund in the world with assets of 1.4 trillion US dollars. The investments in the fund have an impact not only on the oil-producing Norway and its pension payments. The fund also often sets the standards for global investment decisions.
Stoltenberg’s ability to make these decisions correctly is not denied: The trained economist and former head of the Norwegian Social Democrats was Norwegian Prime Minister for many years before he became head of NATO. Stoltenberg’s party currently governs Norway in coalition with the Agrarian Center Party. But his political activities met with resistance: “We have no tradition of politicians taking this position,” said Sveinung Rotevatn, deputy chairman of the opposition liberals, recently told the public broadcaster NRK.