Monetary Policy and Financial Stability Committee
The Monetary Policy and Financial Stability Committee is appointed by the King in Council. The Committee consists of the Governor, the two Deputy Governors and two external members.
The Committee is responsible for Norges Bank’s role as the executive and advisory monetary policy authority and is responsible for the use of policy instruments to attain the monetary policy objectives. The Committee shall contribute to the promotion of financial stability by providing advice and using the policy instruments at its disposal.
Members:
Ida Wolden Bache
Appointed Governor of Norges Bank from 8 April 2022 to 2028. Bache is Chair of the Executive Board and the Monetary Policy and Financial Stability Committee.
Her work experience includes posts as Deputy Governor, Executive Director of Norges Bank Monetary Policy and Norges Bank Financial Stability. She has also been a macroeconomist at Handelsbanken Capital Markets. Bache was a member of the Systemic Risk Council in Denmark in the period between 2017 and 2022. She holds a doctorate in economics from the University of Oslo and an MSc in economics from the London School of Economics.
Pål Longva
Appointed Deputy Governor for the period 29 August 2022 through 2028. Longva has particular responsibility for central banking operations and is First Deputy Chair of the Executive Board and the Monetary Policy and Financial Stability Committee.
His work experience includes the post of Director General of the Ministry of Finance Budget Department. Longva has worked at McKinsey and as Deputy Director General and Director General at the Ministry of Labour and Social Inclusion. He holds a doctorate in economics from the University of Oslo.
Øystein Børsum
Appointed Deputy Governor for the period 2 August 2021-2027. Børsum has particular responsibility for the Government Pension Fund Global. Børsum is Second Deputy Chair of the Executive Board and the Monetary Policy and Financial Stability Committee. Chair of the Ownership Committee and the Risk and Investment Committee of the Executive Board.
His work experience includes the post of chief economist at Swedbank and positions in the Budget and Asset Management Departments of the Ministry of Finance. Børsum holds a degree in economics from the NHH Norwegian School of Economics, masters’ degrees from Sciences Po and London School of Economics and a doctorate in economics from the University of Oslo.
Ingvild Almås
Appointed committee member for the period to 31 December 2025.
Ingvild Almås holds a professorship at the Institute for International Economic Studies (IIES), Stockholm University, is Principal Investigator at the Norwegian School of Economics’ FAIR centre and International Research Fellow at the Institute for Fiscal Studies (London), Centre for Economic Policy Research (CEPR), and CESifo. She previously held a professorship at NHH. She sits on the Scientific Advisory Board for the Max Planck Institute for Research on Collective Goods in Bonn, Germany and chairs the Portfolio Board for Welfare, Culture and Society at the Research Council of Norway. In autumn 2023, Ingvild Almås will be a Cowles Foundation visiting fellow at Yale university. Ingvild Almås holds a BA in economics from the University of Oslo and a PhD in economics from the NHH Norwegian School of Economics.
Steinar Holden
Appointed committee member for the period to 31 December 2027.
Steinar Holden is a full professor in the Department of Economics at the University of Oslo. He has chaired and was a member of several government-appointed commissions and is currently a member of the Norwegian Tariff Board (Tariffnemnda). Holden was also head of the Department of Economics at the University of Oslo. His main areas of research interests are wage determination, monetary and fiscal policy, macroeconomics, the labour market and collective bargaining. Holden holds a PhD in economics from the University of Oslo and has written upper secondary school, college- and university-level textbooks.