On the international level, there is both good news and bad. The governments of various industrialized nations have stepped up their own internal Y2K programs over recent months, and international cooperation is intensifying through efforts such as the Joint Year 2000 Council, chaired by my colleague Federal Reserve Governor Roger Ferguson.
Most large multinational corporations report that they are well along in their own preparations worldwide and many of them are pushing their numerous local suppliers to be prepared to maintain the flow of materials and services. That is a significant positive step.