El sector financiero en el País Vasco. ¿Hay espacio para un cluster financiero regional?

Financial services have been a key factor for economic development within the Basque region since the mid XIX century. Since the 80`s the financial services industry has experienced a major transformation, in which now there are few financial players who have concentrated their finance activities and provide these services worldwide. In this context, is it still possible for a peripheral region to develop a financial cluster? Can the Basque Country hold a role in the European financial landscape? This paper provides a thorough survey of these questions. The Scottish case is studied as being a possible model for future Basque financial sector evolution, the analysis gives an encouraging answer.