If the PTB are thinking region, then South America would be part of it, later. That would be closer to the EU. 
That is why opponents to NAFTA use the term Amero, to get people to figure that the big North American countries will form some sort of EU (though the situation is not very much the same, one huge country, and only three member states).
If the PTB are thinking region, then South America would be part of it, later. That would be closer to the EU.