Jens Stoltenberg: NATO chief switches to the central bank

In the midst of the Ukraine crisis, NATO must look for a new boss. Secretary General Stoltenberg will not extend his term of office, which ends in autumn. Instead, he becomes head of the Norwegian central bank.

NATO Secretary General Jens Stoltenberg becomes the new head of Norway’s central bank. This was announced by the Norwegian Ministry of Finance. However, the change is only planned for the fall, because Stoltenberg’s term of office in the North Atlantic Defense Alliance runs until September 30, 2022. From March, the current deputy head of the central bank, Ida Wolden Bache, is to take over the management of the central bank on an interim basis. According to initial information, Stoltenberg will take up the new post “around December 1st”. According to the Ministry of Finance, the exact details should be clarified shortly when the employment contract is signed.

The 62-year-old Stoltenberg is currently required as a crisis manager in the Ukraine conflict. The Western military alliance made up of 30 European and North American countries fears that Russian troops could invade the neighboring country. This has created significant tensions between Russia and NATO.

Controversial candidacy because of proximity to the head of government

Stoltenberg has been Secretary General of the Alliance since 2014. Before that, the social democrat was prime minister in his home country from 2005 to 2013 and before that he was finance minister for several years. His current candidacy for the post of head of the central bank was controversial because of his close friendship with Norway’s Social Democratic Prime Minister Jonas Gahr Støhre. The replacement of the post at the head of the Norwegian central bank is necessary because the current head of the central bank, Öystein Olsen, is stepping down in February for reasons of age.

For NATO, Stoltenberg’s move means it must seek a successor amid current tensions with Russia. Due to the current announcement, the alliance still has a few months until Stoltenberg resigns from office.