In recent years, finance has multiplied and will continue along that path. An article in the British newspaper The Guardian indicated that by 2050 the value of financial institutions' securities is estimated to be nine times higher than Britain's GDP. But they're just predictions. However, that growth in the financial sector is already quite significant in the United States. In fact, the economic burden of its financial sectors between 1980 and 2006 has almost doubled, from 4.9% of GDP to 8.3%.

But what is this growth going to mean for productivity? Clearly, nothing good. As we have seen in this crisis, the financial sector has been dragged by the real economy. In addition, the money that this speculative sector has brought must be taken into account: The financial institutions of the Spanish State have devoured EUR 87,000 million; only Bankia, almost EUR 23,000 million! Comparison with CAPV budgets, amounting to EUR 12 billion.

In the light of these data, there is no doubt that all this money diverted has significantly affected the real economy, which has been used instead of in the productive sector to plug the holes in the banks. The productive sector will therefore find itself with less financial resources to the detriment of real productive investments.

In addition, as financial institutions’ resources increase, their credits have also increased, but in most cases that money is spent on construction, where productivity is very low. It has therefore not contributed much to overall productivity, that is to say to the real economy.

On the contrary, according to some economists, if financial institutions multiply, there will be more chances of savings being channelled and companies getting cheaper credits. However, the research says something else. In fact, in 20 states, the correlation between productivity and finance has been studied and the result has been inverse: the more a country's finances increase, the more modest the productivity growth is than in countries with slower financial evolution.

It should also be borne in mind that the financial sector is in competition with other economic sectors when recruiting skilled labour. It is believed that it is the financial institutions that hire the most skilled or the smartest workers, while the other sectors hire the secondary ones. In fact, hedge foundations and investment banks lead wiser mathematicians and physicists to create complex mathematical models, to the detriment of sectors that promote productivity. However, this argument is rather weak given that a lot of technicians come out of universities to be able to use them all in the financial sector.

At this juncture there are arguments for and against, but it is true that if in the Spanish case EUR 87 billion were allocated to research and development, we would have a higher level of productivity and therefore we would not have to cut wages so much to be more competitive in international markets. Unfortunately, however, we are in the reverse position. One example of this is the ESS Centre in Bilbao, where an investment of EUR 180 million was planned, but due to budget cuts, this budget has been halved. An investment that will be made equally between the Basque Government and the central government.

Such restrictive measures will not promote productivity.

We are on the wrong road!