Abstract: The present application relates to a process for producing an aqueous polymer dispersion of polymerized ethylenically unsaturated monomers M by a multistage aqueous radical emulsion polymerization comprising a first aqueous radical emulsion polymerization step of a first monomer composition M.a and subsequently a further aqueous radical emulsion polymerization step of a second monomer composition M.b. The present application also relates to aqueous polymer dispersions obtainable by such a process and to the use thereof, in particular as a binder in coating compositions. The process comprises a multistage aqueous radical emulsion polymerization of ethylenically unsaturated monomers M, comprising a) at least one non-ionic, monoethylenically unsaturated monomer M1 having a solubility in deionized water of at most 60 g/L at 25° C.