https://sputnikglobe.com/20211111/fears-of-nepotism-voiced-as-nato-secretary-general-stoltenberg-tipped-to-head-norways-central-bank-1090646558.html
Fears of Nepotism Voiced as NATO Secretary General Stoltenberg Tipped to Head Norway's Central Bank
Fears of Nepotism Voiced as NATO Secretary General Stoltenberg Tipped to Head Norway's Central Bank
Sputnik International
According to several Norwegian politicians, the appointment of Jens Stoltenberg, with decades-long connections to the Labour Party, currently in power, would... 11.11.2021, Sputnik International
2021-11-11T06:59+0000
2021-11-11T06:59+0000
2021-11-11T06:59+0000
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Following the announcement by Norwegian Central Bank Governor Øystein Olsen of his decision to retire in February 2022, the search for his successor is already underway, with Jens Stoltenberg, former prime minister of Norway and current NATO secretary general, mentioned as one of the candidates.According to the economic daily Dagens Næringsliv, which quoted anonymous sources, Stoltenberg will say yes if asked.However, the prospects of Stoltenberg heading the Nordic country's Central Bank, which also administers its massive Oil Fund, sparked a polarising reaction among Norwegian politicians.Labour politician Thomas Breen argued that while Stoltenberg is "both skilled and knowledgeable", his hiring would be "very unfortunate", as it would bypass Deputy Governor Ida Wolden Bach, whom he called "a very talented woman". This, in turn, would serve as yet more proof that nepotism lives on and question the independence of the Central Bank's decisions, he argued.MP Sveinung Rotevatn, first deputy leader of the Liberal Party, also voiced scepticism, despite admitting personal respect for Stoltenberg.Rotevatn told national broadcaster NRK that Stoltenberg's decades-long connections to the Labour Party, currently in power, may spark doubts about his independence as governor, which he called extremely important.By contrast, Dagsavisen columnist Hege Ulstein argued Jens Stoltenberg is the right man for the job.The aim of the Oil Fund, the world's largest sovereign fund at $1.37 trillion, is to ensure the responsible and long-term management of revenues from Norway's oil and gas resources in order to benefit both current and future generations.Ulstein argued that Stoltenberg had all the necessary qualifications, experience and competence, as well as concern for climate risks, which must be taken into account."We are talking about the world's largest pension fund, and so you need a type who has good international contacts and a deep political understanding", she stated.Jens Stoltenberg, a member of the prominent Stoltenberg family that includes his father Thorvald, a well-known Labour politician who served as an ambassador, as defence minister, and as foreign minister, and his mother Karin who served as a state secretary in multiple governments during the 1980s, has led NATO since 2014.Before that, he served as Norway's prime minister between 2005 and 2013 and led the Labour Party for an entire decade between 2004 and 2014.
https://sputnikglobe.com/20211101/norways-oil-fund-in-for-inevitable-fall-amid-turbulent-times-to-come-its-chief-exec-says-1090378864.html
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Fears of Nepotism Voiced as NATO Secretary General Stoltenberg Tipped to Head Norway's Central Bank
According to several Norwegian politicians, the appointment of Jens Stoltenberg, with decades-long connections to the Labour Party, currently in power, would question the independence of the Central bank, which is also tasked with managing Norway's gigantic Oil Fund.
Following the announcement by Norwegian Central Bank Governor Øystein Olsen of his decision to retire in February 2022, the search for his successor is already underway, with Jens Stoltenberg, former prime minister of Norway and current NATO secretary general, mentioned as one of the candidates.
According to the economic daily
Dagens Næringsliv, which quoted anonymous sources, Stoltenberg will say yes if asked.
However, the prospects of Stoltenberg heading the Nordic country's Central Bank, which also administers its massive Oil Fund, sparked a polarising reaction among Norwegian politicians.
Labour politician Thomas Breen argued that while Stoltenberg is "both skilled and knowledgeable", his hiring would be "very unfortunate", as it would bypass Deputy Governor Ida Wolden Bach, whom he called "a very talented woman". This, in turn, would serve as yet more proof that nepotism lives on and question the independence of the Central Bank's decisions, he argued.
MP Sveinung Rotevatn, first deputy leader of the Liberal Party, also voiced scepticism, despite admitting personal respect for Stoltenberg.
Rotevatn
told national broadcaster
NRK that Stoltenberg's decades-long connections to the Labour Party, currently in power, may spark doubts about his independence as governor, which he called extremely important.
By contrast, Dagsavisen columnist Hege Ulstein argued Jens Stoltenberg is the right man for the job.
"This job is a bit twofold. It is the more classic role of governing interest rates, and so on. And then there is the other very important part of the job, which is chairman of the board for the Oil Fund", she recalled, suggesting that the latter is the key aspect of the job. "It will be a very important role in the future, both nationally and internationally", she added.
The aim of the Oil Fund, the world's largest sovereign fund at $1.37 trillion, is to ensure the responsible and long-term management of revenues from Norway's oil and gas resources in order to benefit both current and future generations.
Ulstein argued that Stoltenberg had all the necessary qualifications, experience and competence, as well as concern for climate risks, which must be taken into account.
"We are talking about the world's largest pension fund, and so you need a type who has good international contacts and a deep political understanding", she stated.
1 November 2021, 05:09 GMT
Jens Stoltenberg, a member of the prominent Stoltenberg family that includes his father Thorvald, a well-known Labour politician who served as an ambassador, as defence minister, and as foreign minister, and his mother Karin who served as a state secretary in multiple governments during the 1980s, has led NATO since 2014.
Before that, he served as Norway's prime minister between 2005 and 2013 and led the Labour Party for an entire decade between 2004 and 2014.
