At the beginning of the 21st century, Europe and Latin America are still seeking the formula that would lend a strategic character to their relationship. Most recently, the Summit in Vienna in May 2006 failed to do so. Both partners reactivated their relations which had never been broken but lacked dynamism seven years ago. Despite of previous disappointments, Europeans and Latin Americans hailed at Rio in 1999,newly ambitious goal, a strategic relationship. Aware that US predominance ruled out the economic card, the EU bet on its own competitive advantage, politics. However bold, this move has delivered little concrete results. The aim of this short paper is to diagnose the stall relationship in order to find ways out to the current slackness and modestly contribute to a more vital transatlantic relationship between Europe and Latin America or at least to avoid that Lima 2008 be one failure more on the bumpy road to a “strategic relationship”.