Petition from 16 Norwegian economists – Dagsavisen

Norwegian economists say no to the transfer of supervision and control of the Norwegian financial sector to the EU.

Finance Siv Jensen want to give away the supervision and control of the Norwegian banking sector to the EU. The association with the EU’s supranational financial supervision in the EEA means that national supervision, formulation of rules and sanctions on financial sector weakened. Surveillance Authority ESA will make binding decisions with direct effect for Norwegian authorities and financial institutions. The text of the resolutions signed by EU supervisory agencies, which in practice is the new FSA also for Norway.

Originally, the purpose of the EU financial supervision to intervene in the inflated financial expansion as more and more believe was the utløysende cause of the financial crisis of 2008. Since, contrary further liberalization of the financial sector has become the prevailing objective. Instead of strengthening community control of the financial sector, the EU audit aimed at ensuring the free flow of capital and a free internal market for financial services. It gives a very poor hedge against future financial crises.

To transfer the supervision and control of the Norwegian banking sector the EU is a very little through the work idea. Exactly this is the main problem: that Jensen has pushed through an urgent hearing of the case, which in practice makes it impossible with a thorough analysis and public debate about something as important as giving up sovereignty.

Already June 13 should be voted in Parliament. But this is a bigger issue than it can be processed in a hurry. It is the biggest decision on the transfer of sovereignty since the EEA Agreement was signed. It is the first time since 1992 that one must adopt the Constitution, paragraph 115 which requires a three-fourths majority.

It is therefore possible to prevent this, especially if the Labour Party representatives wake up. As economists, we send here a clear signal that they must do just that, and it must do quickly.