The aim of this article is to analyse the role of Mercosur for the Brazilian foreign policy. We will discuss the perception of the Brazilian elites concerning the regional integration process. The defense of the principle of intergovernmentalism is related to the conception of Mercosur's place in the set of Brazilian international relations. The huge valuation of some principles, as universalism and sovereignty, ends up by affecting the deepening of integration. The hypothesis of this paper is that the Mercosur structure would be related with part of Brazilian elite's perceptions. Our argument is that the current structure is insufficient to guarantee the dynamics of the integration.