That creates a biased perspective on the true nature of the problem and may be leading Congress to underestimate its scope. According to Bennett, the effects could last up to 2-3 years into the new millennium. We will begin to feel the effects in the next few months, certainly in 1999, because companies will be reevaluating their relationships with vendors or suppliers that are not Y2K-compliant. That applies not just to businesses, but to countries as well. Given their current state of financial turmoil, emerging markets are that much more vulnerable to a Y2K shock.
Preparation Is Critical.
It is an essential part of crisis management. Cattaui agreed, arguing that the International Monetary Fund, for example, should not impose Y2K-conditionalities, but businesses and individuals should take the lead. Finally, Bennett argued, the Y2K problem is not an information specialist's problem. An agenda and full transcripts of the Y2K conference are available.