The Federal Reserve completed assessment of its applications in 1997; our most significant applications have been renovated; and internal testing is underway using dedicated Y2K computer systems and date-simulation tools. Changes to mission critical computer programs, as well as system and user-acceptance testing, are on schedule to be completed by year-end 1998.
Mario provided impetus to the creation of the Banking Union, and took upon the ECB the task of setting up the Single Supervisory Mechanism. Mario has had the courage to search for solutions that tested the limits of our common mandate, while being open and flexible on how to achieve it.