By Julian Goldsmith, 6 July 1998 12:08
NEWS IT directors of UK financial houses are sticking their heads in the sand rather than facing up to European monetary union, according to the latest report from accountants Price Waterhouse. Forty one per cent of the IT directors surveyed said they thought EMU would make little impact or had no idea what impact it would make. Alan Johnson, a partner at the Price Waterhouse Coopers financial services group, said: "Some people clearly haven't quite grasped the enormity of the event." The report indicates that many finance houses have not started to adapt systems to cope with monetary union. Johnson explained: "It's very urgent for any sizeable organisation to upgrade their systems. The nature of change is going to be considerable. There is a parallel here with the [Year 2000] date change issue - many organisations haven't ensured that they are compliant until it is upon them."
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