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This article discusses some of the changes in the connections of the European-Latin American migration system over the past decades. First, we analyse the changing trends and re-routing of the flows between the two ends of the system. Then, we address the complex rearrangements of immigration policies, which in both spaces are again beginning to turn inwards. Lastly, we briefly review the partnerships that are being established between Europe and Latin America via Spain. Within this framework, we wonder whether we are entering a new phase of the globalisation of migration, the dynamic of which is a pendulum with global and regional effects.