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JPMorgan On Chile’s New Process To Re-Write Constitution

CHILE
  • In all, the multi-body framework (Commission, Council and Committee) seems consistent with the base case of a less maximalist text than the one rejected in September, with some pillars that were put into question ring-fenced from the beginning, thus abandoning the idea of ‘writing a new constitution from scratch’.
  • In terms of timing the proposed itinerary sets January 2023 for the inauguration of the Commission, April for the election of Constitutional Councilors (mandatory voting), May for the inauguration of the Constitutional Council, and October as deadline to present the final constitution draft. The process is to end on November 26, 2023 with a ratification plebiscite (mandatory vote).
  • The limited time the Council will enjoy to discuss and vote suggests the relatively intense calendar is feasible. That said, it would be advisable some sort of coordination of the Commission and the Committee, as well as an extremely well organized division of labor in the Committee so to address the likely numerous demands their members are likely to receive in such a limited time span.
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