Since 1991 states of Latin America, Spain and Portugal hold meetings of heads of states, Ibero-American conferences. Spain, one of the principal sponsors of these conferences notes their importance in its Ibero-American policy and in formation of Spain’s relations with the EU. However such important issues as composition of summit participants, regulations of summits and their agenda are unresolved heretofore. Meanwhile new problems arise. For instance states of Bolivarian bloc as well as Argentine, Brazil, and Mexico are loosing interest in the Ibero-American cooperation. Greater efforts are required from the Spanish diplomacy for development of relations with states of the region and for alignment of Ibero-American and European vectors in Spanish foreign policy. So far hopes pinned at the Spanish Socialist Worker Party government headed by J.L.Rodriguez Zapatero have not proved true.