The government wants to link Norway to the EU financial supervision. – Siste.no

The government wants to link Norway to the EU financial supervision.

COMMENT Banking and insurance in this country will thus, for better or worse, be subject to the same rules as competitors in Europe. The problem is that outside the country Norway must express a certain degree of sovereignty to the EU systems. Critics say that the Constitution thus being watered.

For the first time since the EEA Agreement was signed must Parliament use the Constitution, paragraph 115.Den opens to give up sovereignty in “a limited area.” When needed the three-quarters majority in Parliament to make a valid decision. The previous and current government has tried in vain to negotiate a full-fledged Norwegian membership in the relevant EU agencies for supervision of banking, insurance, pensions, securities and systemic risk.

But the EU has said no. Such memberships are, understandably, reserved for those countries that are members of the EU. Therefore it is not enough for outside the country Norway getting dragged send the EEA Agreement. Here is the only full membership will apply. There should be a paradox for the vast majority in Norway that are negative to Norwegian EU membership.

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the solution which is now on the table means that the EFTA surveillance Authority (ESA) is the task of checking that Norwegian financial institutions to comply with EU rules. Norway is a member of EFTA, but in reality, Norway has only to accept the decrees coming from the EU in this field. Esa becomes in practice a sandpåstrøingsorgan. But it goes with the story that the Norwegian FSA matter will take care of most issues on Norwegian soil. Critics fear, however, that Norway now provide a bulwark and that there will be similar cases in other sectors.

This case is briefly about creating transparency and control of financial markets in Europe. The financial crisis in 2008 and 2009 should be a lesson. Norwegian financial institutions at risk of ending up on the outside of the internal market in certain questions. An outsider in this matter would paradoxically weaken Norwegian banks and insurance companies in favor of foreign players. It can not be in Norwegian interest to facilitate such a development.

At the Centre and No to the EU now mobilizing to stop the association with the EU financial supervision, as expected. But it surprises us that KrF facing thumbs down. KrF was of the warmest defenders of the EEA Agreement when it saw its light in 1992. It is now happening through Norwegian accession to the EU financial supervision is a clear parallel to the EEA structure. It is naive to believe that Norway will have a real voice in decisions that affect our financial institutions. Here we are again with the beard in the EU’s safety deposit box.