Ok, as you see i didn't like much the idea of the two flags (too easy...).
#40 is much better. Now I think a good improvement could be to make the design more a "logo" in the sense of the global shape (a circle, a square...). i don't know how to... For example trying to make a circle - or emicircle - with the slogan (italians to madrid...)? In any case many of my friends put your idea among the top five...