Former Central Bank Governor Eiríkur Guðnason passed away yesterday, 31 October 2011. Eiríkur was employed by the Central Bank of Iceland for the entirety of his four-decade professional career. He began working for the Bank’s Economics Department in 1969. He served as head of the Bank’s Monetary Unit from 1977 until 1984, when he became Chief Economist. Eiríkur became Deputy Governor in 1987 and was appointed Governor in 1994. He held the latter position until 2009. He also held various positions of trust in the Icelandic financial sector, including chairing the board of the Iceland Stock Exchange (1986-1999) and sitting on the board of the Icelandic Banks’ Data Centre. Eiríkur is the author of a number of papers on monetary policy and financial systems. He made an enormous contribution to the Central Bank of Iceland, particularly in the fields of statistical reporting and monetary policy formation, as well as the use of information technology and modern work practices. He also made a substantial contribution to the development of the Icelandic financial markets.