In the following article, it is argued, unlike commonly held assumptions about the impossibility of Latin American co-operation, that recent empirical evidence authorize a different and more optimistic view on the subject. The author sustains that after experiencing a serious economic and political crisis during the first half of the Eighties, three regional co-operation systems (Central America, the English Speaking Caribbean, and the Southern Cone) begun to recover their strength during the second half of the past decade. The article further contends that whilst it is true that trade and financial flows are important indicators, more attention should be devoted to the position adopted by the regional and extraregional powers (i.e. hegemony in international relations) if we want to have a correct assessment of Latin American co-operation and its possibilities of success. Finally, the author suggests that EC aid to Latin America would gain greater significance if, instead of been mostly bilateral, it were given by the EC to the Latin American co-operation systems.
