The challenge of outlining a theology of the Latin American "signs of the times" is nourished as much by the hermeneutic novelty of the Council as by the hermeneutic novelty of liberation theology. The conciliar mandate grants validity to the attempts assumed by Latin American theology to be the interpretation of the signs of the continent. The partiality and limits of liberation theology fail to completely overshadow the theological novelty of a Council in which the Church, for the first time, understands itself as truly universal and breaks with neoscholastic conceptuality in order to be able to think relationally about the other. Quite to the contrary, despite its limits liberation theology maintains its validity as an interpretation of the times taking place in relation to a new horizon which, overcoming the metaphysics of substance and subject, takes on the perspective of the poor, and the primacy of praxis. With this legacy the future of a theology that is at once both Latin American and of the signs of God must accept some fundamental hermeneutic considerations that permit it to be a theology of our time: its modern, metaphoric, plural and open character that is open to other meanings, and provisional in its theological language. The dialectic between event and meaning that is at the heart of these considerations will allow one to capture the theological meaning of events.