Ida Wolden Bache: Economic perspectives
Annual address by Ms Ida Wolden Bache, Governor of Norges Bank (Central Bank of Norway), to the Supervisory Council of Norges Bank and invited guests, Oslo, 12 February 2026.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Chart data accompanying the speech
I think the Norwegian 1000-krone bill is the most beautiful banknote in the world. The main motif is a wave on the open sea – with a storm blowing. The banknote itself is now in rough weather.
It is not alone in that.
As Canada's Prime Minister Mark Carney put it a few weeks ago, we now live in a world where the most powerful pursue their interests, where economic integration is used as coercion, and where those who are not at the table are on the menu.
At the same time, we are on the cusp of a transformation where artificial intelligence could change the world in ways we cannot yet fully imagine.
There is a duality here. There are many reasons for concern, but there is also cause for hope. Technological progress can, for example, enable us to find solutions to problems that have previously been beyond our reach, such as climate challenges or treatments for previously incurable diseases.
The question is how we address this duality – in a world where both opportunities and dangers seem greater than before. More than ever, we need institutions that foster stability and predictability. But sitting still is not an alternative. Renewing institutions is essential, so that they are adapted to present day realities. This also applies to Norges Bank and our social mission.