Equality and growth are often considered to be conflicting goals. Welfare cuts in order to achieve fiscal sustainability are now on the agenda in a number of European countries. In Norway, an abundance of natural resources has offered a favourable starting point. Yet its management presents policymakers with a number of new dilemmas. Can the experience of a small country like Norway hold some larger lessons?

Sigbjørn Johnsen is serving his second term as Norwegian Minister of Finance. His first term was 1990 - 1996. Mr. Johnsen was a member of Parliament from 1976 to 1997, and is representing the Labour Party. He has led several major public commissions in Norway, including the Pension Commission 2000-2002.

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