Each business completed an assessment of the adequacy of its existing contingency scenarios for Year 2000 problems last June. In addition, last November each Federal Reserve entity servicing customers documented its plans to respond to the possibilities of customer problems.
We have learned that this prescription cannot possibly be translated into a pure laissez-faire doctrine, because when the production and the exchange of goods and services is carried out without a proper legal and institutional framework the potential of the economy would not be fully exploited.