The G-7 nations are the major industrial nations. They control most of the world's wealth. (Russia was added this June, but I don't regard the Russian economy as being in the G-7 class. Neither does anybody else.)
The June meeting of the heads of state of these nations came to an agreement: they will set up a steering committee to set up a conference to look into the Year 2000 Problem. The steering committee will be formed in October. The conference will be held in 1998. It will be a two-day workshop.
This is the universal response of every government that faces a problem that it cannot solve: it sets up a committee. Then it has a conference. The conference will present papers. It will issue a report. The report will say: "Further study is needed."
Anyone who thinks that a joint commission set up by a bunch of politicians from seven different countries will come to any more profound conclusion than "further study is needed" has not studied the history of governments.
Whatever threat y2k poses, a G-7 commission won't affect the outcome one way or the other.
The news of the G-7 action appears in ITAA OUTLOOK (June 20), under the heading, "G-7 to Conduct Y2K Conference."