Re: Euro Problem

[Glenn Ericson <Glenn-Ericson@xxxxxxx>]

Interesting 
I was  just  reading  the  manual  for a USA  produced Y2K tool 
and it  contained a EURO Option.

Are  we going in to another fire storm of remediation for EURO before Y2K
is finalized?


Glenn
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Glenn Ericson,          Phoenix Consulting      LLC             
P O Box 701164   East Elmhurst NY 11370-3164 USA                            
Phone 718 898 9805       Fax 718 446 1150
AS/400 & Year 2000- - Solutions Specialists
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At 03:18 PM 1/7/99 -0500, you wrote:
>The following is a part of an article I got from one of my friends.
>
>-Vg
>
>The introduction of the euro will have a profound impact on IT systems
>of European businesses and those dealing with them. It would necessitate
>major modifications in accounting/reporting and treasury operations.
>Billing and pricing mechanisms of business will have to change. Key
>information systems which are affected by the introduction of the euro
>include accounts, financial planning and budgeting software, enterprise
>resource planning (ERP) systems, conversion of historic data, systems
>not supporting sufficient number of decimal places for their national
>currencies will have to be modified for the euro, displaying of two
>currencies, ascertainment of exchange profit/loss, handling of threshold
>limits specified for selective requirements of data/reports,
>re-designing of input/output screens and reports in a multi-currency
>environment, preparation of trial balance/financial statements in
>multiple currencies and issues related to maintenance of parallel
>databases/parallel reporting/reconciliations.
>
> One of the major beneficiaries will be the software industry,
>It will have tremendous business to do in the form of impact analysis,
> conversion, testing and
>related business re- engineering services. The Gartner group estimates a
>whopping US $ 200-bln Euro conversion market. Most of the European
>enterprises have IT budgets worth millions of dollars for euro
>conversion. Considering the size and volume of the business, the
>software players have a great opportunity on their hands. The market
>will also expand as and when new countries participate in the single
>currency. Approximately 54 nations are members of the European Council
>and considering the expansion of the European Union, we can safely
>estimate that the market for euro is bound to stay for long.
>
>However, the road ahead will not be smooth.
>Very few software companies, have an
>understanding of the euro and its political, economic, legal and
>technological aspects.  It will be a great challenge for the
>companies to tackle issues like European languages, tradition and
>culture. Procuring visas is a highly tedious affair. The software
>industry will face tough competition from the Russians, Israelis and
>Irishmen who also boast of a strong and cheap technical workforce. Their
>major advantage is that they understand at least one of the European
languages.
>
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