After saying no to the EU, Norway entered an economic golden age

Norway’s decision to reject European Union membership in 1994 has been described as the beginning of a “golden age” for the country’s economy, according to investor and former Icelandic central bank governor Svein Harald Øygard.

Speaking at a conference in Oslo organized by the Norwegian-Icelandic Chamber of Commerce and consulting firms Geelmuyden Kiese and Paritee, Øygard said Iceland could learn from Norway’s experience. He had led a committee that assessed the economic consequences of possible Norwegian EU membership before the 1994 referendum.

Øygard said Norway’s government and then-Prime Minister Gro Harlem Brundtland had feared the consequences of a rejection. The government responded with measures intended to offset possible negative effects, including efforts to secure budget surpluses, strengthen public finances and pursue growth policies centered on productivity.

Árni Páll Árnason, vice president of the EFTA Surveillance Authority, also spoke at the conference. Øygard added a lighter note, saying Iceland had much more to gain from EU membership than Norway. Icelanders, he said, were also more stubborn and hardworking than Norwegians, a remark that amused the audience.

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When the Norwegians said no in 1994, the government and then-Prime Minister Gro Harlem Brundtland feared the consequences of the result. Various measures were taken to counter possible negative effects, including ensuring a budget surplus, stronger public finances and a growth policy focused on productivity.