First, the recovery remains dependent on policy support. For example, job retention schemes are playing a major role in cushioning unemployment: the share of workers who are unemployed, discouraged or enrolled in such schemes is around double the headline unemployment rate (Chart 8, left panel). And € billion in guaranteed loans are still outstanding in the largest economies (Chart 8, right panel).
As well as investing in what might be considered to be fairly conventional financial products, it is also notable that in Australia there has been significant direct participation by retail investors in the markets for sophisticated financial products. For example, retail and high net worth investors account for about two-thirds of the assets of Australian-based hedge funds, compared with less than half globally.