The Bolivarian Republic of Venezuela prepares itself for the reform of its Constitution. It is a sovereign, legal and legitimate act.

In the re-election campaign that ended on 3 December 2006, President Hugo Chavez presented as a fundamental part of his electoral platform the proposal to reform the Constitution. He made repeated references to a group of concrete aspects in this instrument which he thought needed to be reformed, amongst them that of the presidential re-election. Having received more than 63 percent of votes, which constituted the highest electoral landslide of contemporary democratic Venezuela, President Chavez had a clear mandate to proceed with this reform.

No sooner he initiated his new mandate, in January of 2007, President Chavez designated a presidential commission in charge of elaborating a proposal for constitutional reform. Its results were presented to the National Assembly on 15 August for its corresponding analysis, discussion and decision.

The phases contemplated in this process include three discussions within the National Assembly and an active consultancy of the reform project with diverse sectors and grass root movements of the Venezuelan collective, within the context of the so called social street parliamentarism.

Once the opinion of the different sectors and grass root movements of the Venezuelan society has been heard and the Reform Project duly approved by the National Assembly, the same would be submitted to the people by route of a referendum. Only in the case of approval by popular vote would the constitutional reform enter into validity.

The Constitutional Reform Project does not modify the fundamental principles or structure of the present Constitution while aiming at guaranteeing and deepening political participation. The reform's main objective is power devolution to the people.

Some of the articles of the Reform Project have resulted controversial. Particularly where it mentions the continuous re-election of the President, the introduction of diverse forms of property, the autonomy of the Central Bank and the reference made to reduction of working hours. It would be worthwhile to make concrete reference to these issues.

The proposal of continuous re-election is in tune with the prevailing situation of the majority of the European countries. Within the context of a presidential regime, a country like France allows the re-election of its Head of State without limits. In the same manner, within the context of the parliamentary regimes there are no limits for the re-election of a Head of Government if he enjoys the favourable disposition of the electors and the support of his party. If in some way Venezuela differentiates from the above is in the constitutional figure of the recall referendum, according to which the Head of State can have his mandate revoked at mid term if the majority of the electors decide so. A Venezuelan President would be able to be re-elected on the same basis that his mandate might be recalled, that is, if the people so chooses.

The Reform Project recognises, guarantees and promotes private property. It also recognises, guarantees and promotes other forms of property: public, social, collective and mixed. The coexistence of these diverse forms of property does not affect or minimise the recognition and respect given to private property.

The Central Bank of Venezuela (BCV) will no longer be autonomous, according to the Project. Nonetheless, it will continue to participate in a fundamental way in the formulation and execution of the monetary policies. The Project of constitutional reform contemplates the joint work of the BCV and the State, in the formulation and execution of such policies and in the handling of international reserves. In this sense, Venezuela becomes part of a new tendency that has as a well known example in China, a country that recently decided to create an investment fund which would allow the use, in a strategic manner, of a good part of its international reserves. It seems senseless for an oil developing country like Venezuela to maintain a level of international reserves that utterly exceeds its need for imports, while its fundamental necessities are not covered.

The reform project contemplates important vindications for workers, amongst others, the reduction of working hours to 36 hours a week and the creation of a fund for the self employed. Particular reference is to be made to the reduction of working hours, where the Bolivarian Republic of Venezuela would only be following the experience imposed in France by the Miterrand Government. With this measure the Government looks to promote new employment and encourage workers to use their free time for training purposes.

One can agree or disagree with the terms of the constitutional reform, but no one can question the transparency, legitimacy and legality of a fully sovereign act where all Venezuelans are called to decide via popular vote. A vote that will be monitored, as in the twelve electoral processes of the last eight years, by qualified international watchers.