Last night Norway’s Krone surged as the Norges Bank refrained from cutting interest rates. In his February address to the Norges Bank Supervisory Council, Governor Oeystein Olsen warned, in Games of Thrones style, that “winter is coming”. Speaking yesterday he noted that “Perhaps winter will be a little milder than what we have feared…Growth in the Norwegian economy has improved more than what we assumed before the summer. It’s not a gloomy picture for the Norwegian economy if all now goes as forecast.” It seems that the oil price collapse was no match for Norway’s fortress like balance sheet and monetary prowess.