Let’s focus for a moment on the testing phase as an excellent example of the magnitude of this process. Testing Testing is one of the more crucial issues being addressed, given that it will consume more than a year and absorb as much as 70 percent of Year 2000 resources.
Various high level forums such as G-7, G-33, G-20 and international institutions such as IMF, World Bank and IOSCO have been busy in analyzing the past experience and in introducing ways and means of imparting greater transparency, early detection, better supervision, higher capital requirements, more sustainable exchange rate regimes, stronger standards and codes, and involving the private sector in resolving crises.