Five Years after the lapse that occurred in European-Latin American relations as a result of the Malvinas/Falklands conflict (Rhein, 1983; Bodemer, 1985), and two years after the entry of Spain and Portugal into the European Community (CE), it would appear appropriate to review the relations between the European Community and Latin America. At the suggestion of the president of the Spanish government, Felipe González, who, among European heads of state, not only has a strong personal interest in Latin America, but also displays the most differentiated knowledge of the region, the European Council decided, in 1986 at The Hague (La Vanguardia, 1986), to charge the Commission of the European Community to come up with new guidelines regarding EC relations with Latin America.