This Chaillot Paper examines the relationship between the EU and Latin America and the Caribbean (LAC). It contends that the original assumptions underpinning EU policy towards the region no longer apply, due to the erosion of the liberal consensus, as well as the ongoing obstacles to regional integration in LAC. Highlighting the various shortcomings in this bi-regional relationship, the paper argues that focusing on bilateral relations between the EU and individual countries is the way to move forward today, as it is in this sphere that deeper and more concrete cooperation has been strongest. This is because this level of interaction is best suited to accommodate an increasingly diverse region.