To address this information shortfall, the Council determined that the supervisory community would benefit from written guidance papers that address key phases in the Year 2000 process and specific responsibilities of supervisors and regulators. These statements would serve to raise awareness and share best practices.
1 According to Latvijas Banka this has resulted in savings of around 0.6% of GDP, or € million, in the  government budget over the five-year period. See the article entitled “Four years in the euro area – have the promises come true?”, Latvijas Banka Monthly Newsletter, January 2018.