Final answer:
The most critical issue discussed at the Guayaquil Conference was whether independent Spanish America should be monarchical or republican.
Step-by-step explanation:
The most critical issue discussed at the Guayaquil Conference was whether independent Spanish America should be monarchical or republican. The conference brought together leaders Simon Bolívar and José de San Martín to discuss the future of the newly independent nations. They debated whether to adopt a monarchical or republican form of government for the newly liberated territories.