The Eidsvoll Warranty ( no, Eidsvollsgarantien) was an act passed by the
Norwegian Constituent Assembly
The Norwegian Constituent Assembly (in Norwegian ''Grunnlovsforsamlingen'', also known as ''Riksforsamlingen'') is the name given to the 1814 constitutional assembly at Eidsvoll in Norway, that adopted the Norwegian Constitution and formalised t ...
at
Eidsvold on 13 May 1814. The prime purpose of the act was to create a stable Norwegian currency.
Summary
An elected Finance Committee at the Constituent Assembly presented its proposal followed by a vigorous debate. The final vote ended with passage of the resolution with 76 votes for the proposal and 29 votes against passage. The resolution provided for the elimination of the current state budget deficit as well as the projected budget until 1 March 1815 of 14 billion
Norwegian riksdaler.
[ The resolution contained a guarantee that the Norwegian government would repay government debt incurred during the Denmark–Norway union. In 1813, following the Danish financial crisis in the aftermath of the ]Napoleonic wars
The Napoleonic Wars (1803–1815) were a series of major global conflicts pitting the French Empire and its allies, led by Napoleon I, against a fluctuating array of European states formed into various coalitions. It produced a period of Fren ...
, a new currency system had been introduced based on the ''rigsbankdaler''. The resolution contained a guaranteed exchange rate for the ''riksbankdaler'' at a fixed level. Although the Eidsvoll Warranty was intended to stabilize the value of the Norwegian currency, the rate continued to fall over in next few years leading up to the establishment of the Norges Bank
Norges Bank / Noregs Bank is the central bank of Norway. The bank shall promote economic stability in Norway. Norges Bank also manages the Government Pension Fund of Norway and the bank’s own foreign exchange reserves.
History
The history of ...
on 14 June 1816.[
''Eidsvollsgarantien'' (lokalhistoriewiki.no)]
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See also
*Norway in 1814
In 1814, the Kingdom of Norway made a brief and ultimately unsuccessful attempt to regain its independence. While Norway had always legally been a separate kingdom, since the 16th century it had shared a monarch with Denmark; Norway was a subo ...
*Norwegian speciedaler
The rigsdaler specie was a unit of silver currency used in Norway, renamed as the speciedaler in 1816 and used until 1873. Norway used a common reichsthaler currency system shared with Denmark, Hamburg and Schleswig-Holstein until 1873 when the go ...
References
Other sources
''Fra Peder Anker Til Stabilitet I Pengevesenet'' (Øyvind Eitrheim, Norges Bank. June 7, 2005)''Brief history of Norges Bank'' (Norges Bank. January 31, 2007)
{{Webarchive, url=https://web.archive.org/web/20120701035420/http://www.norges-bank.no/en/about/history/norges-banks-history/ , date=July 1, 2012
External links
Legal history of Norway
1814 in law
1814 in Norway