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To: Jim McMannis who wrote (82897)	6/6/1999 2:42:00 PM
From: Jim McMannis	Respond to of 186894

Oh, don't worry, be happy... yomiuri.co.jp G-8 leaders to establish Y2K crisis system Intl hotline eyed to limit damage should bug occur Yomiuri Shimbun Leaders of the Group of Eight industrialized nations are expected to agree on the establishment of an international crisis-management system at an upcoming summit meeting to prepare for possible computer breakdowns resulting from the millennium bug, government sources said Saturday. The system calls for the establishment of an emergency hotline that would include financial institutions in developing countries, and which would be used to solve problems in international financial transactions stemming from errors caused by the Y2K bug. At a summit starting on June 18 in Cologne, Germany, the G-8 leaders are set to discuss the need to coordinate flight schedules in case problems occur in air traffic control systems. They will also talk about securing backup systems for international communications networks. Until now, the G-8 nations have mainly worked on protecting domestic computer systems from the Y2K bug. However, with 2000 just six months away, G-8 leaders have come under pressure to take steps to avoid problems on a global scale, as the bug may cross borders easily due to the globalization of finance, transport and communications networks. They are expected to outline measures to deal with the problem in a joint summit declaration. Errors in computer systems at financial institutions could lead to problems in making international fund transactions, in which case it will be essential to maintain close contact with other countries to prevent the bug from spreading. Although some countermeasures have already been taken in developed countries, other countries lag behind. International coordination will be essential, as problems occurring in computers in developing countries may affect those in developed countries. The Basel Committee on Banking Supervision--comprising representatives of the central banks and financial authorities of developed countries--is expected to take charge in compiling detailed measures after a summit agreement is reached. International airport authorities will be urged to join forces to draft a coordinated plan for altering flight schedules in the event of emergencies. The G-8 leaders also plan to outline international efforts to combat any adverse consequences of economic globalization, such as poverty and environmental problems.