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Bad rolleforståelse from the governor

In 1985 we got a new sentralbanklov as well on the way to secured central bank, Norges Bank, full autonomy in rentesettingen. It should no longer be much room for the government as a democratic body, should be able to override the decisions of the central bank, which makes central bank governor of Norway's perhaps the most powerful bureaucrat.

With today's economy-scientific paradigm prevails, there is considerable agreement among economists that monetary policy is not really policy, but rather something "interessefritt", as you can leave it to the so-called upolitiske part of the state apparatus, without that it is a democratic loss.

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To discuss how far as it is a demokratis loss or not, that monetary policy happens outside of the domain. If the interest rate goes up or down, can be seen as equally interest-filled as a lot of other policies, and can get large fordelingsmessige consequences. If you have loans, or savings, live by owning or off to work, have a lot to say for your privatøkonomiske interests when the interest rate is set.

Whether it is correct or not, to meet the next financial crisis with large quantitative easing or not, is well on the way to a political question. Then we should also be able to set some requirements to the sentralbanksjefens democratic legitimacy.

Defenders of an independent central bank often has pulled out it is potentially problematic in that a governor on options can find to put down the interest rates right before an election. The argument the rays of the antidemokratisk picture and can also be drawn about any finance minister with an interest in getting to the generous budgets in election year. Nevertheless, there are few economists who would argue to move the finance ministry out of government.

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Although I would seen that the right to vote, which we after all believe is suitable to control the fiscal policy, also did apply to monetary policy, the Norwegian central bank have praise for the historic good rolleforståelse. While The european central bank well on the way to have designed fiscal policy in several crisis-hit euroland, and pushed through the fiscal innstramninger in exchange for new loans, Norges Bank kept to its. It had been absurd about Øystein Olsen, for example, had threatened with higher interest rates if the budget was too generously or LOs) because the for the high.

Governor Øystein Olsen went nevertheless in its content: far beyond what should be his mandate. He cautioned both against tampering with the EEA agreement and to phase out the oil industry: two cases that are fairly far away from the central bank's business.

So, dear Øystein Olsen: You are welcome to use your role as governor to scare voters from wanting to look at the alternatives to the EEA or to phase out the oil. In that case, I want in but have the right to refuse to vote for you.

No, marka is not for any Debate
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