Norwegian version of this page

Astrid Iversen

Associate Professor - Scandinavian Institute of Maritime Law

Email astrid.iversen@jus.uio.no

Username

Visiting address Domus Media East Wing Karl Johans gate 47

Postal address Postboks 6706 St. Olavs plass 0130 Oslo

Download business card

Academic interests and background

Astrid researches and teaches economic law broadly, including international economic law, financial market regulation, and contract law. She is interested in how the regulation of money and credit shapes economic stability and growth, and in turn affects distribution, inequality, and sustainability (macro-finance and monetary law). Her focus is often on the regulatory frameworks governing states' use of markets to secure public goods, especially in central banking and sovereign debt governance.

Before joining the Maritime Law Institute in 2024, Astrid worked as associate professor in law at Inland Norway University of Applied Sciences (2020-2024). Astrid holds a Master (2015) and PhD (2020) from the Faculty of Law, University of Oslo. An expanded and revised version of her PhD, Intercreditor Equity in Sovereign Debt Restructuring was published by Oxford University Press in 2023.

She has been a Visiting Scholar at the Lauterpacht Centre for International Law, University of Cambridge (2017), Sciences Po Law School, Paris (2023), the European University Institute (2023) and Universitè Paris Dauphine-PSL (Professeur Invitè) (2026).

Astrid serves as a board member at the Norwegian Banks’ Guarantee Fund.

Teaching

Astrid is currently teaching the course in financial market law and regulation (JUS1880 /JUS5880), and seminars within contract law (JUS1111), legal method (JUS2011) and public international law (JUS2111). She is also responsible for the PhD courses on Economic perspectives on the law (JUR9132) and International law and internationalization of the law (JUR9133). Astrid is open to supervision of master thesis (JUR5030 and JUR5060) and Ph.D. thesis, in particular on subjects related to international economic law and financial market law.

She has also taught courses in EU financial law at Universitè Paris Dauphine -PSL (2026) and International Monetary and Financial Law at the School of Public Governance, Sciences Po (Paris) (2026).

Research groups

Research projects

Central banks' expanding role in financial markets

Completed projects

Tags: Economic Law, Norwegian Central Bank, International Economic Law, Financial Market Regulation, Contract Law

Iversen, Astrid (2025). Unequal Protection under Sovereign Immunity for Economic Crisis Resolution Measures: Central Bank Measures versus Sovereign Debt Restructuring. European Business Law Review. ISSN 0959-6941. 36(2), p. 313–338. doi: 10.54648/eulr2025013. Full text in Research Archive Show summary
This article examines the scope of protection provided by sovereign immunity rules for two core economic crisis prevention and resolution measures: central banks’ efforts to stabilize the economy, in particular through foreign exchange reserves, and sovereign debt crisis resolution through so-called debt restructuring. The aim is to analyse how sovereign immunity rules may influence a state’s monetary power, defined as its capacity to effectively prevent and solve economic crises. What we see is that while central bank policies are largely shielded, sovereign debt restructuring measures are not protected by sovereign immunity rules. A consequence is that the states most in need of crisis resolution tools are those least protected by immunity. The article seeks to critically examine why the protection of two economic crisis prevention and resolution measures has evolved in different directions, including asking whether sovereign financing can be treated separately from monetary policy when discussing economic crisis resolution measures.
Iversen, Astrid (2024). Sovereign Debt Restructuring and the Law: The Holdout Creditor Problem in Argentina and Greece. By Sebastian Grund. New York: Routledge, 2022. Pp. xvi, 182. Index. American Journal of International Law. ISSN 0002-9300. Full text in Research Archive
Iversen, Astrid (2024). The European Central Bank and the European Macroeconomic Constitution. European Constitutional Law Review. ISSN 1574-0196. doi: 10.1017/S1574019623000317. Full text in Research Archive
Iversen, Astrid (2023). Unilateral responses to an international problem: sustainable sovereign debt restructuring and the case for second-best solutions. Capital Markets Law Journal. ISSN 1750-7219. 18(3), p. 402–425. doi: 10.1093/cmlj/kmad012. Full text in Research Archive Show summary
Sovereign borrowing can contribute to economic and social development and help achieve economic stability in any state.1 All states borrow, for example, to promote development, invest in infrastructure, fund warfare, as a monetary policy tool to ensure price stability, ensure that a government has sufficient cash reserves and to develop and maintain a well-functioning domestic financial market.2 States can borrow money from other states and international financial institutions such as the International Monetary Fund (IMF). They can also borrow money in the commercial markets, from private banks or through issuing bonds. As is the case with private individuals and corporate debtors, states sometimes default on their payment obligations.3 There are many reasons why states may default and end up in a debt crisis, including poor economic management, external economic shocks, civil wars and natural disasters, to name just a few.4 Throughout history, states have regularly faced severe economic distress and debt crisis. Debt burdens have been high since the outbreak of the global financial crisis in 2008. The direct and indirect cost of the COVID-19 pandemic has resulted in a further increase in unsustainable debt burdens, particularly in the Global South. The global COVID-19 pandemic is the most recent event to reveal the major gaps in sovereign debt crisis resolution architecture. The pandemic has had severe consequences: millions of lives have been lost, economic activity globally has been severely disrupted and has forced over 100 million people into poverty.5 In 2020, when the pandemic spread globally, it did not trigger a wave of sovereign debt defaults. However, most states borrowed significantly in order to respond to the pandemic, and by 2022, these states were facing higher interest rates and volatile market conditions. In fact, according to the IMF, 2020 had the largest 1-year debt surge since World War II, with global debt rising to USD 226 trillion as the world was hit by a global health crisis and a deep recession.6
Iversen, Astrid (2022). Removing Barriers to Climate Change Litigation: The Progressive Erosion of Central Banks’ Immunity. European Yearbook of International Economic Law. ISSN 2364-8392. doi: 10.1007/8165_2022_98. Full text in Research Archive Show summary
This article discusses sovereign immunity rules and the future of climate change litigations in foreign courts against central banks and sovereign wealth funds managed by central banks. It argues that expansions of central banks’ responsibilities and activities in financial markets over the past decades, including that of managing sovereign wealth funds, increase the risk of climate lawsuits against central banks, and in particular, the risk of their assets being exempted from absolute immunity from enforcement measures. While the doctrine of sovereign immunity has evolved from an absolute to a restrictive approach across a number of jurisdictions, central banks, and in particular, their assets, have continued to enjoy close to absolute protection under international and domestic law. The article discusses whether this may be changing: Taking a Swedish Supreme Court judgment from 2021 as a starting point, it argues that there is no clear rule in international customary law providing absolute immunity for central banks’ assets that are unrelated to its exercise of monetary policy. Far-reaching immunity is not only unreasonable when taking into consideration the original justification for central banks’ immunity but it may also prompt a backlash against the immunity protecting the property related to the core functions of central banks, namely the monetary policy mandates. Equally important, this may weaken states’ commitments to comply with international and domestic environmental obligations.
Iversen, Astrid & Andenæs, Mads (2022). Sovereign Powers and Debt Crisis Resolution. L'Observateur des Nations Unies. ISSN 1281-3389. 53(2), p. 17–36. Full text in Research Archive
Iversen, Astrid (2021). Distributed ledger technology and sovereign financing. In Chiu, Iris H-Y & Deipenbrock, Gudula (Ed.), Routledge Handbook on Financial Technology and Law. Routledge. ISSN 9780367344146. Full text in Research Archive
Iversen, Astrid (2019). The future of involuntary sovereign debt restructurings: Mamatas and Others v Greece and the protection of holdings of sovereign debt instruments under the ECHR. Capital Markets Law Journal. ISSN 1750-7219. 14(1), p. 34–58. doi: 10.1093/cmlj/kmy033. Full text in Research Archive Show summary
This article revisits Greece’s 2012 debt restructuring, focusing on the legal changes and litigation that arose in relation to it in order to shed light on what kind of restructuring we may see next, in both Greece and the larger euro area. In particular, creditor protection under the European Convention of Human Rights (ECHR) in sovereign debt restructuring by a debtor state retroactively changing the debt instrument’s background law is discussed in light of Mamatas and Others v Greece. This case provides a legal starting point for considering ‘whether’ and ‘when’ it is acceptable under the ECHR to interfere with private property in involuntary debt restructuring enabled by amendments of the law of the debtor state. The case also invites a more general discussion of the crisis resolution tools used in the Greek restructuring, which were the majority modification procedures, often referred to as collective action clauses (CACs) when found in debt instruments. This article argues that the implementation of CACs in sovereign bonds may decrease the need for involuntary crisis resolution measures. An examination of the design and prevalence of CACs shows, however, that these contractual clauses have limitations and cannot guarantee successful restructurings in all situations. The article concludes that, if sovereign debt restructurings are to serve as a viable crisis resolution measure—even if only as a last resort—reform of the current legal framework is needed.
Iversen, Astrid (2019). Vulture Fund Legislation. Banking & Financial Services Policy Report. ISSN 1530-499X. 38. Full text in Research Archive
Iversen, Astrid (2018). Mamatas med flere v. Hellas: Bruk av tvang ved restrukturering av statlig gjeld og beskyttelse av obligasjonseiers eiendomsrett under EMK. In Kleineman, Jan (Eds.), Nordiska förmögenhetsrättsdagarna. Jure Förlag AB. ISSN 9789172237063. p. 97–115. doi: 10.2139/ssrn.3195666. Full text in Research Archive

View all works in NVA

Iversen, Astrid (2023). Intercreditor Equity in Sovereign Debt Restructuring. Oxford University Press. ISBN 9780192866905. 272 p. Full text in Research Archive Show summary
The book provides a comprehensive legal study of intercreditor equity—rules providing for equal and differential treatment of creditors—in sovereign debt restructurings. The question of intercreditor equity is one of the most conflictual issues in debt restructuring, both historically and today. It is paramount to creditors in the unfortunate event of a debt restructuring and it is equally important to debtor states so that they can manage restructuring processes as efficiently as possible and ensure a sustainable debt crisis resolution. The first aim of the book is to map and establish the content of intercreditor equity rules and analyse how they influence restructuring processes. This helps creditors improve their prediction of their legal rights and calculate the returns on their investments. It also improves a sovereign debtor’s understanding of the boundaries within which its debt restructuring offer must be designed and is instructive when drafting future sovereign debt instruments. Second, and equally important, the book sheds light on the functioning of the legal framework governing sovereign debt more broadly. It raises the question of whether intercreditor equity rules and the surrounding legal framework of sovereign debt restructuring are compatible with a debtor state’s possibility to ensure monetary and financial stability and establish sustainable debt burdens. In sum, the book seeks to go beyond the common platitude that ‘equal treatment’ is the crux of a successful debt restructuring process by showing that equal treatment is an ambiguous concept that is context- and rule-specific, and does not necessarily guarantee a sustainable debt restructuring.

View all works in NVA

Iversen, Astrid; Myklebust, Trude & Andenæs, Mads (2026). Workshop: Fremtidens penger, oppgjør og betalingssystemer". Full text in Research Archive Show summary
Workshopen samlet akademikere og praktikere for å belyse utvalgte tekniske, juridiske og politiske problemstillinger knyttet til fremvekst av nye former for penger, digitale betaling- og oppgjørssystemer. Deltagere blant annet fra Norges Bank, Finanstilsynet, Bankenes Sikringsfond, UiO, OsloMet, Universitetet i Innlandet. Key note speaker var prof.Douglas Arner fra University of Hong Kong.
Iversen, Astrid (2026). Monetær suverenitet, geopolitikk og teknologiens moglegheiter. Full text in Research Archive Show summary
Workshop: "Fremtidens penger, oppgjør og betalingssystemer" samlet akademikere og praktikere for å belyse utvalgte tekniske, juridiske og politiske problemstillinger knyttet til fremvekst av nye former for penger, digitale betaling- og oppgjørssystemer. Deltagere blant annet fra Norges Bank, Finanstilsynet, Bankenes Sikringsfond, UiO, OsloMet, Universitetet i Innlandet. Key note speaker var prof.Douglas Arner fra University of Hong Kong.
Iversen, Astrid (2026). Financial Warfare. Freezing and seizing of central bank assets. Full text in Research Archive Show summary
Presentation at the event «Continuity or transformation? international economic law in turbulent times, which formed part of theconference, The International Law Commission at 80: Continuity, Coherence, and Transformation in International Law at UFMG, Department of Law, in Brazil.
Iversen, Astrid (2026). Is the ILC afraid of the INternational economic law? Full text in Research Archive Show summary
Presentation at the conference: The International Law Commission at 80: Continuity, Coherence, and Transformation in International Law, at UFMG Faculty of Law, Belo Horizonte, Brazil
Iversen, Astrid (2026). Workshop on teaching and research on macro finance and monetary law. Full text in Research Archive Show summary
Organizing workshop aims at exploring ongoing research and teaching within Macro Finance and Monetary Law in an informal environment. Presenting paper on examining legal standing of central banks before international investment tribunals in cases concerning sanctions against central banks´ foreign exchange reserves.
Iversen, Astrid & Hjertaker, Ingrid (2026). Central Banks as GOATS (Guarantors of All Things). Full text in Research Archive Show summary
Paper presentation at a conference on Law, Political Economy and the Legal Geography of Money, Sciences Po, Paris.
Iversen, Astrid (2026). Central Banks as investors. Full text in Research Archive Show summary
Presenting paper examining legal standing of central banks before international investment tribunals in cases concerning sanctions against central banks´ foreign exchange reserves at Economic Statecraft Conference, European University Institute, Florence.
Iversen, Astrid (2026). Financial sanctions and central bank assets. Full text in Research Archive
Iversen, Astrid (2026). Central Banks between monetary policy and financial stability. The limits of central bank independence. Full text in Research Archive
Iversen, Astrid (2026). Central Banks. function and legal framework. Full text in Research Archive
Iversen, Astrid (2026). Central Banks between monetary policy and financial stability, and the limits of central bank independence. Full text in Research Archive
Iversen, Astrid (2025). Rett til kaffen: Finansielle sanksjoner, særlig mot andre lands sentralbanker. Full text in Research Archive Show summary
Foredrag i serien "Rett til kaffen", hvor ansatte på juridisk fakultet presenterer egen forsking for studentene, arrangert av Universitetsbiblioteket ved Juridisk Fakultet, Universitetet i Oslo.
Iversen, Astrid (2025). Sentralbankar si utvida rolle i krisetider: Finanskriser, klimakriser og krig. Full text in Research Archive Show summary
Oppsummering av forskningsprosjekt om sentralbankers utvida rolle i krisetider (NFR 315503) for Nordisk Institutt for Sjørett.
Iversen, Astrid & Myklebust, Trude (2025). Financial Derivatives Litigation in Norway. Full text in Research Archive
Iversen, Astrid (2025). Panel on Central Banks in conference on ´Technocrats, Bureaucrats, and Democrats – and Autocrats?’. Full text in Research Archive
Iversen, Astrid (2025). Central banks and the limits of their independence. Full text in Research Archive Show summary
Lecture in Financial market law and regulation, JUR1880/JUS5880, University of Oslo
Iversen, Astrid (2025). The regulatory framework of central banks - introduction. Full text in Research Archive Show summary
Introductory lecture to central banks, their role, tasks and regulatory framework, Financial market law and regulation, JUR1880/JUS5880, University of Oslo
Iversen, Astrid (2024). States as Actors in the Market: Doing Business or Exercising Public Powers? Full text in Research Archive
Hjertaker, Ingrid & Iversen, Astrid (2024). Central Banks as the “Guarantors of All Things” (GOAT). Full text in Research Archive
Hjertaker, Ingrid & Iversen, Astrid (2024). Financial Stability and the Central Bank's “Guarantor of All Things” Role. Full text in Research Archive
Iversen, Astrid & Franchini, Daniel (2024). Frozen Russian Assets to Finance Ukraine: Collateralization Instead of Confiscation. Lawfare Blog. Full text in Research Archive
Iversen, Astrid (2023). Economic crisis resolution & monetary power - sovereign immunity rules concerning central banks and sovereign debt. Full text in Research Archive
Iversen, Astrid (2023). Diverging development of rules of immunity of central bank and sovereign debt related assets. Full text in Research Archive
Iversen, Astrid (2023). Intercreditor Equity in Sovereign Debt Restructuring. Full text in Research Archive
Iversen, Astrid (2023). Likebehanlding av kreditorer ved restrukturering av statlig gjeld. Full text in Research Archive
Iversen, Astrid (2023). The rights of individuals (creditors) in the context of sovereign debt restructurings from a rule of law perspective. Full text in Research Archive
Iversen, Astrid (2023). Solving sovereign Debt Crisis. Full text in Research Archive
Iversen, Astrid (2023). Central banks and their role in financial markets. Full text in Research Archive
Iversen, Astrid (2023). "Creditor Rights in National and International Law: Can Equal Treatment of Creditors Solve State Debt Crises?", Sapienza Università di Roma. Full text in Research Archive
Iversen, Astrid (2023). Intercreditor Equity in Sovereign Debt Restructurings. Full text in Research Archive
Iversen, Astrid (2023). Central Banks, Regulation and Climate Change. Full text in Research Archive
Iversen, Astrid (2022). Statsimmunitet og søksmål mot sentralbankar og statlege pensjonsfond. Full text in Research Archive
Iversen, Astrid (2022). Central bank law. Full text in Research Archive
Iversen, Astrid (2022). Sovereign debt and financial market law regulation. Lecture, JUS5880 – Financial Market Law and Regulation, University of Oslo. Full text in Research Archive
Iversen, Astrid (2022). Sustainability regulation in central banking and sovereign debt management. Lecture, JUS5880 – Financial Market Law and Regulation, University of Oslo. Full text in Research Archive
Iversen, Astrid (2022). Summary Lecture, JUS5880 – Financial Market Law and Regulation, University of Oslo. Full text in Research Archive
Iversen, Astrid (2022). Sovereign immunity and climate lawsuits against central banks and sovereign wealth funds. Full text in Research Archive
Iversen, Astrid (2022). Central banks, sanctions and risks related to eroding immunity. Full text in Research Archive
Iversen, Astrid (2022). Sanksjonene og folkerettslig immunitet. Full text in Research Archive
Iversen, Astrid (2022). Sentralbanker, sanksjoner og immunitet. Full text in Research Archive
Iversen, Astrid (2022). "Central banks’ expanding role and sovereign immunity", Berlin. Full text in Research Archive
Iversen, Astrid (2022). Central Banks, sovereign immunity and non-monetary policy activities. Full text in Research Archive
Iversen, Astrid (2022). Intercreditor Equity in Sovereign Debt Restructuring – a Friend or Foe. Full text in Research Archive
Iversen, Astrid (2021). Central banks and their role in financial markets. Full text in Research Archive
Iversen, Astrid (2021). Sovereign debt restructurings. Full text in Research Archive
Iversen, Astrid (2020). Covid-19 and Sovereign Debt Crisis Resolution; Selected Regulatory and Legal Aspects. Full text in Research Archive
Iversen, Astrid (2020). Sustainable Debt Restructuring: Possibilities and Challenges under International Law. Full text in Research Archive
Iversen, Astrid (2020). Covid-19: Sovereign debt standstill/ restructuring and private creditors. Full text in Research Archive
Iversen, Astrid (2017). Solvency II and Sovereign Bonds, Solvency II: A Dynamic Challenge for the Insurance Market. Il Mulino. ISSN 9788815265784. Full text in Research Archive
Iversen, Astrid (2020). Intercreditor Equity in Sovereign Debt Restructuring. Universitetet i Oslo, Juridisk Fakultet. Full text in Research Archive
Iversen, Astrid (2015). Holdout Creditor Litigation - An assessment of legislative initiatives to counter aggressive sovereign debt creditor litigators. Universitetet i Oslo. Full text in Research Archive Show summary
This thesis concerns legislation enacted in Belgium, the UK and within the euro zone countries. At the heart of my research is the following question: do these legislative initiatives succeed in 1) discouraging minority creditors from refusing to take part in restructuring processes, including debt relief initiatives, and 2) limiting creditor lawsuits against defaulting sovereign debtors? The thesis will also look at recent legal developments that have arisen since the Argentine economic crisis in 2001, and examine whether these developments are likely to affect the above-mentioned legislation. In order to answer the research question, the thesis will examine sovereign debt contracts (in-cluding sovereign bonds) in the international credit market and how these are enforced within different jurisdictions. It will further examine how different countries seek to limit the possibility of enforcing certain contract rights within their jurisdiction through national legislation.

View all works in NVA

Published July 10, 2024 12:28 PM - Last modified Aug. 9, 2026 2:25 PM

Projects

Central banks' expanding role in financial markets