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To: CharlieBoy who wrote (9385)	1/8/1999 7:42:00 PM
From: MACA	Respond to of 10786

Euro now a reality, supervisors urge Y2K efforts ZURICH, Jan 8 (Reuters) - With the euro now a reality, international experts on Friday urged the world's financial industry to turn its attention to preventing a plunge into computer chaos in the transition to the year 2000. The Joint Year 2000 Council, organised under the auspices of the Bank for International Settlements (BIS), was formed in April 1998 to solve problems associated with computers misreading the date ''2000'' before they occur. ''With limited time remaining before this unprecedented and complex event, many markets face great challenges to properly prepare for a smooth transition,'' said the council's chairman, U.S. Federal Reserve Board Governor Roger Ferguson. In a statement released on Friday through the BIS, Ferguson said that with the euro now up and running, efforts should be directed at preparing for the year 2000. ''At this point, efforts should be focused on final remediation measures, implementation of comprehensive testing programmes and contingency planning,'' Ferguson said. The council believes both private and public sectors play a critical role in leading the way through what could be a disastrous changeover for markets unless steps are taken. It spelled out four main themes: avoiding complacency extending through ''the most senior level''; sharing information; developing comprehensive contingency strategies and changing both systems and financial regulation, which should be limited due to their potential to disrupt Year 2000 programmes. In an attached note, the Joint Council spelled out in detail what steps should be taken to ensure proper attention to all areas it believed would be key to ensuring a smooth transition. The Joint Council brings together international experts and supervisors in areas of banking, payment and settlement systems, insurance and securities trading organisations. 11:28 01-08-99 Copyright 1999 Reuters Limited. All rights reserved.