Monitoring the development and integration of EU countries' capital markets

This technical report proposes a set of metrics and a methodology to measure the progress that European countries are making towards the development and integration of capital markets. Based on six priorities linked to the achievement of a well-functioning and integrated European capital market, we identify a set of indicators and analyze country performance for the period 2007-2018 by using a composite measure, both in a static and a dynamic environment. In order to account for country specificities and differences in dynamic trajectories, we use robust clustering to identify groups of countries and follow their development through time.