There were virtually no errors, and the few problems discovered were remedied quickly. That cross-border test is one example of a broader development. We are getting increasingly positive information regarding the preparedness of core financial systems overseas, importantly including payment and settlement systems, that could, if not prepared, trigger difficulties in the world’s financial operations.
These systems have generally implemented extensive internal testing and most are testing with participants as well. The large test last month does seem to confirm that Year 2000 readiness has improved in many of the more important financial sectors around the world. Avoiding Complacency We should not let these recent successes lead to complacency, either domestically or internationally.