Latin American societies live on a permanent state of economic, social and political polarisation due to the impact of a major inequality crisis in which wealth is highly concentrated, and democracy and natural resources are captured for the benefit of the few. This July, the European Union (EU), under a Spanish presidency that has pushed for a high-level summit between the two regions, has the opportunity to renew the political dialogue, the economic relations and the cooperation agenda so that they can help building new social pacts focused on equality, environmental protection and human rights.