Haha you're right, but as I always say, Latam, despite becoming red all over, is too corrupt/poor/unstable/inept to pull anything off. There are talks of a single currency ("Sur") which will never happen because Brasil doesn't want to hold Argentina's bags, because there's always been a grudge among many of these countries.

Furthermore, there's a philosophy here: many rules, barely any enforcement (because of reasons stated above).

Ultimately I believe that the EU does have the capacity to do what they say. That's whats scary. Mercosur, not so much.