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Final Draft Of Constitution Text Approved Ahead Of December 17 Vote

CHILE
  • The Constitutional Council has approved the final version of the proposed text to change the nation’s constitution. This now sets the stage for the December 17 national plebiscite.
  • Reuters note that the proposal was approved with 33 votes from the 50-member Constitutional Council, dominated by right-wing forces, a radical shift from the previous proposal that was drafted by left-wing and independent constituents and overwhelmingly rejected by voters last September.
  • Itaú have said that even though the proposed text establishes Chile as a social rights state, it broadly maintains the current constitutional framework regarding economic aspects. Regarding the Central Bank, the final version of the text sets the BCCh’s mandate as “price stability and normal functioning of the payments system” (replacing “currency” for "price"), and explicitly adds “activity and employment” in the considerations of monetary policy.
  • Public opinion on the latest process to revamp the country's decades-old constitution remain mixed, with large numbers circumspect. According to the latest Cadem poll, 51% plan to vote against the new text, while 34% would approve it.
  • "As we approach the plebiscite, the gap is closing, people are paying more attention, they are learning what the document is about," said political analyst Kenneth Bunker.
  • It is worth noting the administration has said it does not plan a third attempt, and 58% of polled voters said they are also against another rewrite attempt. (RTRS)
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