Economic integration in a world of scarce resources and comparative advantages among countries is becoming a necessary stage in order to increase global welfare. Nonetheless, international integration covers not only the traffic of goods and services, but also the traffic of factors of production, capital and work. Thus, integration treaties usually frigthen common people, frightening that is in turn capitalized by political actors in each Nation and that results in protectionist measures as subsidies being adopted; they may be either protectionist or foment measures favoring an activity and regardless of everybody’s criticizing them, they end up being defended in all integration accords and by almost all countries. The present work carries out an in-depth study of implicit subsidies established in the Social Security Covenant with which social protection of nationals of Spain and Colombia is sought. The autor
focuses on determining inequality and inefficiency problems arising upon the application of the covenant as to the main purpose of social security which is social and society protection. The author concludes that the social security covenant subscribed between Colombia and Spain permits a non equitative nor efficient use of social security funds and resources of both countries to take place, and he shows the aspects that would permit the bettering of the social security structure, particularly focusing on a risk population group that should be truly protected through the execution of a pension social security covenant.

JEL Classification: F22, F53, K33, H55