The paper proposes a set of metrics and a methodology to measure the progress that European Union Member States are making towards the development and integration of capital markets. It identifies a set of indicators and analyzes the performance of these countries over the 2007–2018 period using a composite indicator approach (in both a static and dynamic environment), based on the six priorities related to achieving a well-functioning and integrated European capital market included in the European Commission Capital Markets Union Action Plan. The author uses robust clustering to identify groups of countries and tracks their development over time. He finds that the process of capital market development and integration process has started but is not completed and that it is mainly associated with countries’ adherence to European increasing trends driven by the benchmarks rather than the policy actions of countries aimed at catching up with the best performers.

该文件提出了一套衡量标准和方法来衡量欧盟成员国在资本市场的发展和整合方面取得的进展。它确定了一组指标，并使用综合指标方法（在静态和动态环境中）分析了这些国家在 2007-2018 年期间的表现，基于与实现运作良好和一体化的欧洲资本相关的六个优先事项市场纳入欧盟委员会资本市场联盟行动计划。作者使用稳健的聚类来识别国家组并随着时间的推移跟踪它们的发展。