Bank supervisors, including the Federal Reserve, are holding their banks accountable for the effectiveness of their Y2K efforts, and I can assure you that there will be regulatory consequences for banks that do not fulfill their obligations. But many other organizations are on their own to test their critical systems with their key suppliers and customers.
Looking back over recent decades, I would highlight many of the same lessons for monetary policy making that Governor Stevens identifies: recognition of the fundamentally monetary origins of inflation; appreciation of the importance of expectations in the inflation process; the consequent centrality of central bank credibility; and the resulting significance of the institutional arrangements surrounding monetary policy making, especially central bank independence.