Norway's central bank chief says trade war could still be prevented

"We can all share a concern at measures taken these days in the direction of protectionism, that is a worry, we are a small economy dependent on open trade," Norges Bank's Oeystein Olsen told a business conference in London.

"I believe down the road common sense will prevail among different authorities in major economies so we avoid a trade war. Steps taken these days are worrying," he added.