February 02, 1999

The new millennium is fast approaching and, as usual, economists have vastly different forecasts of the impact of the Y2K millenium computer bug on the pace of economic activity. At one end of the spectrum forecasters say the millennium bug will precipitate a deep recession, and at the other, they foresee no significant impact on the level of economic activity. The launch of the euro last month sheds some light on the issue because, from a programming point of view, the millennium bug and the introduction of the euro are similar problems. Given the successful launch of the euro, theres no reason why the world cant be equally successful in dealing with the Y2K bug.

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