6  BIS central bankers’ speeches  After exchanging views with a range of people, I was left with an impression that there is a misunderstanding that the Bank will start tightening monetary policy soon after it achieves the price stability target of 2 percent. This might be due to the fact that the message to “achieve 2 percent in two years” was forceful.
This figure was based on a reading of the available corporate filings with the SEC as well as our own guestimates for firms that either are private, did not discuss Y2K expenditures in their 10-K reports, or stated that their Y2K programs were not having a “material” influence on their bottom line.