Other new forms of money also promise further innovation - for example peer-to-peer payments, micropayments, programmability, and low cost cross-border payments - than existing digital products provided through the existing banking system. However, the rush to withdraw cash during Level 4 lockdown in 2020 showed that cold, hard cash still provides security and certainty for many New Zealanders.
Finally, global financial imbalances, while still a matter for concern, seem to have diminished somewhat, reflecting macroeconomic developments especially in deficit countries. In particular, the US current account deficit narrowed to 5.3% of GDP in 2007 – the first decline since 2001 – and is projected to diminish further in 2008. Nevertheless, the prospect of a continued gradual correction remains fragile.