One problem related to hydraulic power assist steering system has been reported for the 2000 Volvo S60. The most recently reported issues are listed below.
I have experienced two instances of power and steering loss while driving my Volvo s80 down the road. The first instance occurred as I was slowing down to turn right, I lost all power and steering. Fortunately during this incident I had turned the car just enough prior to losing steering to miss a pole. If there had been another car coming towards me, it could have resulted in a serious accident. The second incident occurred a couple of weeks after the first incident and it happened as I was going down the expressway and began slowing to stop at a stop light. The car lost power/ steering again and luckily this time there was no a car in front of me or I would have hit it from behind. Both times this happened, I was able to roll the car to a stop and restart it with no problems. I reported this problem to the dealer but they were not sure what was causing this.