Norwegian authorities named Jens Stoltenberg, the current NATO secretary general, as the new Central Bank governor on Friday. The current chief, Oystein Olsen, will resign on March 1, and Stoltenberg will take over only after his mandate as NATO chief expires this September.
Another candidate for the position, Norges Bank Deputy Chief Ida Wolden Bache, who was Stoltenberg’s main rival, will take over management from March until the new governor steps in.
The head of Norway Central Bank will lead the work in setting interest rates and maintaining the country’s financial stability. He will also be in charge of Norway’s sovereign wealth fund, which is estimated at $1.4 trillion and is the largest in the world.
Stoltenberg’s candidacy has previously sparked criticism from Norwegian economy experts, who are concerned that this appointment could weaken the Central Bank’s independence, despite his training and experience.
Jens Stoltenberg, an economist by education, acted as Norwegian prime minister from 2000 to 2001 and in 2005-2013, before being appointed NATO secretary general the following year. He will be the first politician to occupy the post since the 1990s.