But don't call it trivial. When the millennium arrives, many computer systems and global networks will fail because of an inability to properly interpret dates beyond 1999. Although the problem might sound insignificant, its implications are extremely serious and widespread. Journalists are also now alerting broader audiences to the scope and significance of the issue. However, most institutions remain unprepared.
International surveys suggest the rest of the world is even further behind.
According to a recent U.K. study, for example, fewer than one in five businesses have acted on the problem. Without proper attention, the consequences of the Year 2000 problem will be costly and disruptive. Thousands of computers, running everything from telephone networks to financial markets, are threatened with failure. Even institutions that have fixed their own internal problem will feel the ripple effects from problems occurring externally. The Merrill Lynch Forum offers this paper because we continue to believe business and government leaders globally do not fully appreciate the dilemma facing them.