The topic of relations between individual markets has been frequently dis- cussed recently. Especially on the stock markets, we can watch a tendency of the more developed markets to affect developments on the less developed markets. This is also valid for the V4 stock markets, where it is the potential to anticipate a strong influence of the German stock market. There has been used the Granger causality. Quarterly data for the period from 2005/Q1 to 2020/Q4 was used for the analysis. This period has been selected because all of the V4 countries have been members of the European Union since 2004. The EViews software version 11 was used for the calculations. Variables used in this research are the stock exchange indices of the countries. The PX, SAX, BUX, WIG 20, and DAX stock indices are considered to be the crucial representatives of individual stock markets in this work. The results show that the German DAX stock index was Granger-causing the development of the Czech (PX), Hungarian (BUX), and Polish (WIG 20) stock indices.