Committee to review the Central Bank Act and the governance of Norges Bank

Published under: Solberg's Government

Publisher Ministry of Finance

The Ministry of Finance is today appointing a committee to review the Central Bank Act and the governance of Norges Bank. The committee will be chaired by Svein Gjedrem, former Secretary General of the Ministry of Finance and former Governor of Norges Bank. The committee shall base its review on the existing monetary policy guidelines and the responsibility of Norges Bank for the management of the Government Pension Fund Global (GPFG).

- In a separate bill today, the Government takes steps to strengthen the governance of Norges Bank. A more thorough revision of the governance structure of the Bank will require more comprehensive amendments to the Central Bank Act. We are therefore appointing a committee with a mandate to review the Central Bank Act and the governance of Norges Bank, says the Minister of Finance, Siv Jensen.

Norges Bank has undergone major developments since the current law was enacted in 1985. The monetary policy guidelines were changed in 2001, and financial stability has become increasingly important. The management of the GPFG has become a substantial part of its operations.

- Although the Act has enabled Norges Bank to adapt to its new tasks in a good way, the statutory wording does not longer fully reflect modern central banking. In view of the development, I therefore appoint a committee to review and update the Central Bank Act, says the Minister of Finance, Siv Jensen.

The committee must take into account Norges Bank’s responsibility for the management of the GPFG. The committee shall base its review on the existing monetary policy guidelines. The committee shall submit its report by 10 April 2017.