Norway’s oil fund calls for urgent reform of European capital markets

The world’s largest sovereign wealth fund, Norway’s $1.9 trillion oil fund, is urging urgent reforms in Europe’s capital markets to enhance competitiveness against the US and Asia, noting a decline in its European equity share from 26% to 15% over the past decade. The fund’s market strategy chief, Malin Norberg, emphasized the need for harmonized tax and insolvency laws as barriers to investment opportunities persist, with a significant drop in listed companies in Europe contributing to this decline. Key holdings include SAP, ASML, and Nestlé, while the fund’s US investments have surged to 40% of its assets.

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