The purpose of this study is to link the proposed indicators with the key Capital Market Union (CMU) objectives, with a view to assess the progress made in specific CMU policy areas, as well as inform future actions. For example, these indicators could help flag potential shortcomings and/or help test the effectiveness of the current legislative and non-legislative measures.

As detailed in the tender specifications, the tasks to be executed under the contract consist of:

— screening of the existing indicators, desk research and development of the methodology and data gathering techniques,

— data collection (quantitative and qualitative) and development of detailed methodology for CMU indicators (development of reliable, usable and replicable CMU indicators); the CMU indicators should be of 2 types: ‘outcome indicators’ (measuring to what extent the key CMU policy objectives have been achieved) and ‘input indicators’ (measuring the key factors leading to the achievement of key CMU objectives),

— empirical analysis (an econometric analysis to test how the input indicators perform in explaining the development of the outcome indicators).