(Prensa Latina) - "The financial strength of the Venezuelan state has a space in the constitutional reform project, presented by the Republic's President Hugo Chávez, to boost the construction of a socialist model in the country.

The initiative to change the Constitution's 33 articles places the state as responsible for 'promoting and defending economic stability and protecting monetary and price stability, to assure social welfare.'

It must also watch over 'harmonization between tax and monetary policy to achieve macro-economic aims,' with which the autonomy by the Venezuelan Central Bank (BCV) leaves the top responsibility in hands of the executive.

The project also gives that last institution larger presence in monetary strategies, 'in strict and obligatory coordination' with the issuing organization, they will fix monetary policies and other aspects.

As to the administration of international reserves, it will be the head of State who establishes in coordination with the BCV the optimum level for economy's needs at the end of the year.

The constitution initiative fosters the executive's financial position and creates conditions to make any effort more dynamic to favor economic growth and social welfare".