CSDC 368

Financial markets are certainly not an innovation of our day: for a long time now, in different forms, they have been seeking to meet the financial needs of the productivity sector. The experience of history teaches that without adequate financial systems, economic growth would not have taken place. Large-scale investments typical of modern market economies would have been impossible without the fundamental role of mediation played by financial markets, which among other things brought about an appreciation of the positive functions of savings in the overall development of the economic and social system. If the creation of what is called the “global capital market” has brought benefits, thanks to the fact that the greater mobility of capital allows the productivity sector easier access to resources, on the other hand it has also increased the risk of financial crises. The financial sector, which has seen the volume of financial transactions far surpass that of real transactions, runs the risk of developing according to a mentality that has only itself as a point of reference, without being connected to the real foundations of the economy.