Ida Wolden Bache
Ida Wolden Bache | |
|---|---|
| Born | February 26, 1973 Bærum, Norway |
| Occupation | Economist |
| Years active | 1996–present |
| Known for | First woman appointed governor of Norges Bank |
Ida Wolden Bache (born 26 February 1973) is a Norwegian economist who made history as the first woman to be appointed governor of Norges Bank, Norway’s central bank, in 2022.
Education
Originating from Bærum, Bache completed her secondary education at Valler Upper Secondary School in 1992. She then obtained a Master of Science degree from the London School of Economics in 1999 and later earned her PhD from the University of Oslo in 2007.
At the outset of her professional journey, she served as a research assistant at the University of Oslo’s Department of Economics between 1996 and 1998, followed by a similar role at Norges Bank from 1998 to 2000. Between 2000 and 2009, she advanced through various positions including consultant, adviser, and senior adviser at Norges Bank. Concurrently, she held an associate professorship in economics at BI Norwegian Business School from 2008 until 2010.
Career
Her career includes tenure as Assistant Director within Norges Bank’s Monetary Policy Department from 2009 to 2010 and a position as Senior Economist at Handelsbanken Capital Markets between 2010 and 2013. She then returned to Norges Bank, serving as Assistant Director and subsequently Department Director in the Financial Stability Department from 2013 through 2016, followed by her leadership role as Department Director in the Monetary Policy Department until 2020.
Deputy Governor of Norges Bank
In 2020, Bache was promoted to Deputy Governor after her predecessor was denied security clearance. She has expressed reservations about the potential for cryptocurrencies to replace the Norwegian krone. In 2021, she noted that for digital currencies to supplant the krone, state disbursements would also need to adopt such currencies. Later that year, she identified cryptocurrencies as a possible long-term risk to financial stability despite their limited current impact within Norway.
Governor of Norges Bank
Bache submitted her candidacy for Norges Bank governor in December 2021, competing against high-profile contenders including Jens Stoltenberg. Following initial media scrutiny regarding incomplete CV disclosures by NRK, which were subsequently rectified, she was not immediately appointed but accepted the position of acting governor pending Stoltenberg’s transition from NATO Secretary-General.
After Stoltenberg announced in March 2022 his decision to prolong his NATO role and resign from Norges Bank’s governorship, Bache was nominated and officially installed as governor on 1 April 2022 during a session of the Council of State. Upon assuming office, she declared an impending interest rate hike, underscoring Norges Bank’s readiness to adjust monetary policy amid shifting economic circumstances.
In November 2023, Bache sought governmental authorization for Norges Bank to commence investments in private equity, reflecting an effort to diversify the institution's asset portfolio; no formal response from the government has been made public.
Other activities
- International Monetary Fund (IMF), Ex-Officio Member on the Board of Governors (since 2022)