Widespread and long-lasting disruptions, should they occur, could seriously impair commercial activities in countries where economies are already weakened. Moreover, and possibly the most onerous consequence, if market participants were to lose confidence, many countries, including the United States, may be faced with unusual liquidity demands. The good news is that we are not faced with inaction.
I find that the seriousness of the Year 2000 problem is gaining increased national and international attention. Still, with less than a year left before the millennium change, it remains difficult to judge its global impact.