Re: Euro Problem

[Glenn Ericson <Glenn-Ericson@xxxxxxx>]

Nothing  negative.
 Just  untimely in all the Y2K stuff is not over and 
 there is  another *big* conversion for companies.  

At 10:20 AM 1/8/99 PST, you wrote:
>I am trying to get a handle on the last sentence.  It seems to be 
>casting a rather negative light on Euro remediation.  However (using 
>remediated dates) 1999 ( Euro phase 1) comes before 2000.  Yes, I know 
>Y2K issues have impacted some systems for some time now but for european 
>and multi-national companies tomorrow is here for the Euro.
>
>Kevin Palmquist
>
>"Opinions expressed above are not necessarily those of my wife."
>
>
>
>>Date: Thu, 07 Jan 1999 16:28:36 -0500
>>To: MIDRANGE-L@midrange.com
>>From: Glenn Ericson <Glenn-Ericson@att.net>
>>Subject: Re: Euro Problem
>>Reply-To: MIDRANGE-L@midrange.com
>>
>>Interesting=20
>>I was  just  reading  the  manual  for a USA  produced Y2K tool=20
>>and it  contained a EURO Option.
>>
>>Are  we going in to another fire storm of remediation for EURO before 
>Y2K
>>is finalized?
>>
>>
>>Glenn
>>___________________________________________________
>>Glenn Ericson,        Phoenix Consulting      LLC     =09
>>P O Box 701164         East Elmhurst NY 11370-3164 USA                        
> 
>=
>>  =20
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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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