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NATO's Stoltenberg Confirmed as Next Norges Bank Governor

NORGES BANK
  • As suspected by local press reports overnight, wires confirm the appointment of NATO Chief Stoltenberg as the next Norges Bank governor, replaced Oystein Olsen who departs at the end of February.
  • Announcement wasn't due for another hour or so, so a little ahead of schedule but not too much of a surprise. Stoltenberg was considered one of the front-runners and is the current NATO Secretary General and former Prime Minister of Norway. Had previously been an economics lecturer and worked at Statistics Norway. Policy stance difficult to gauge, but is expected to retain pragmatic approach of prior committee. His candidacy has proved controversial as he would retain his NATO position for a further seven months and has close ties to the current government.
  • Current Deputy Governor Ida Wolden Bache will assume the governor duties until Stoltenberg replaces her after concluding his term at NATO.
  • Due to the Norges Bank's methodical and model-driven approach to setting policy, it's unlikely a new governor would be able to preside over a sharp change in direction for policy, with markets still expecting as many as three further rate hikes in 2022.
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