Norway meeting EU finance ministers

State Secretary Sissel Kruse Larsen of the Ministry of Finance participated on Saturday on behalf of Norway and advocated protecting the internal European market and strengthening European defense cooperation.

At the meeting, the finance ministers discussed how the European economy is affected by geopolitical turmoil, with increased power rivalry, higher tariffs and more conflicts.

"For Norway, it is particularly important to maintain close contact and maintain good cooperation with our most important trading partners in Europe. We are a key player in European initiatives to strengthen defence and trade cooperation," says Kruse Larsen.

Keeping the economy in good order

State Secretary Kruse Larsen argued that the most important thing countries can do in a more uncertain world is to keep their own economy in good order. In this way, we are better equipped to handle uncertainty in the world around us.

"Measures to increase competitiveness, more profitable investments and research and innovation can increase the growth potential of the European economy. Norway support this important work, and we welcome European initiatives to simplify bureaucracy and regulations," says Kruse Larsen.

At the same time, it is important to strike a good balance between requirements on the one hand and simplifications for business and industry on the other. Norway therefore warned at the meeting against unilaterally deregulating the financial sector.

Meetings with important trading partners

At the meeting, it was particularly important for State Secretary Kruse Larsen to talk to our most important trading partners in Europe. She had talks, among others, with France, Sweden, Germany and Austria. A key issue was the EU's announced safeguard measures on ferroalloys.

"When the EU considers measures to protect its internal market, it is important to remember that this market consists of 30 countries - including the EEA/EFTA countries. Norway, Iceland and Liechtenstein have contributed to value creation and development in the internal market for more than three decades. Our value chains are closely intergrated with Europe's industry, and barriers do not belong inside our internal market. Therefore, it is crucial that any measures do not affect us," says Kruse Larsen.

She emphasised that Norwegian companies follow the same rules for government subsidies, competition and green transition as industry in EU countries. The safeguard measures currently being considered may nevertheless have major consequences for Norwegian industry, jobs and value creation.