  We present the results of the analysis of an archival observation of LMC X-2
performed with XMM/Newton. The spectra taken by high-precision instruments have
never been analyzed before. We find an X-ray position for the source that is
inconsistent with the one obtained by ROSAT, but in agreement with the Einstein
position and that of the optical counterpart. The correlated spectral and
timing behaviour of the source suggests that the source is probably in the
normal branch of its X-ray color-color diagram. The spectrum of the source can
be fitted with a blackbody with a temperature 1.5 keV plus a disk blackbody at
0.8 keV. Photoelectric absorption from neutral matter has an equivalent
hydrogen column of 4 x 10^{20} cm^{-2}. An emission line, which we identify as
the O VIII Lyman alpha line, is detected, while no feature due to iron is
detected in the spectrum. We argue that the emission of this source can be
straightforwardly interpreted as a sum of the emission from a boundary layer
between the NS and the disc and a blackbody component coming from the disc
itself. Other canonical models that are used to fit Z-sources do not give a
satisfactory fit to the data. The detection of the O VIII emission line (and
the lack of detection of lines in the iron region) can be due to the fact that
the source lies in the Large Magellanic Cloud.
