UNASUR was created under the idea that this organization represented a new paradigm in the South American integration process. This paradigm is called post-hegemonic regionalism, and also post-neo-liberal regionalism. I argue that UNASUR, represents a sort of hybrid institution, trapped between “open regionalism” and “post-neoliberal regionalism." Post-neo-liberal regionalism due to the fact that the perceptions of civil society were crucial for guiding the preferences of the states in relation to decisions to create an alternative regional institution like UNASUR. Open regionalism because UNASUR’s Economic and Financial Council (CSEF) and the Bank of the South have been struggling in order to execute their activities since their creation, due to the legacy of neoliberalism impeded progress towards a real change in the integration processes.