AFME has today published a new report tracking the recent progress of the Capital Markets Union (CMU) project through seven Key Performance Indicators (KPIs). It is a joint publication with ten trade associations and international organisations representing global and European capital markets stakeholders.

This third edition of the “Capital Markets Union Key Performance Indicators” report tracks how individual member states have progressed on key metrics such as access to equity finance, levels of market integration, transition to sustainable finance and a supportive fintech environment.

Key findings include:

• Unprecedented levels of capital markets funding supported businesses in the first half of 2020.
• Sustainable bond issuance has increased, with growth of social bonds consolidating Europe’s ESG leadership.
• However, an undersized equities market means SMEs continue to rely on bank loans, restricting their opportunities to grow.
• Securitisation volumes continued to fall, limiting banks' capacity to expand their lending.

Capital markets union needed more than ever to support long-term recovery.

Press release available in English, French, German, Italian, Spanish.

Individual country analysis available for France, Germany, Italy, Spain.