It is noteworthy, however, that the Committee’s survey of more than 100 regulators identified significant progress within the global financial community. A large majority of regulators indicated that they have issued specific Y2K-related guidance to their banks and believe their banks are taking appropriate steps to address the issue.
Further to its role in trade and financial markets, where it has been well received, the euro has asserted itself as an important official reserve currency and as an anchor in exchange rate regimes in many non-euro area countries.