To address the Year 2000 problem for these banks, and international banking generally, the Federal Reserve is taking an active role in a number of international initiatives, most notably including the Joint Year 2000 Council, which is jointly sponsored by the major international bodies for cooperation between financial market regulators. The Joint Year 2000 Council has made a good start at its task.
Since the beginning of the year, equity prices on the JSE Limited have declined by 30 per cent, house prices have been flat or negative, and personal disposable incomes have also declined. The lower economic growth rate has meant that supply side cost pressures may also be subsiding.