Page:Constitution of the Bolivarian republic of Venezuela.djvu/113

Rh The coordinated actions of the National Executive and the Venezuelan Central Bank shall be achieved through an annual policy agreement which shall establish the final growth objectives and their repercussion on society, the external balance of payments and inflation, as regards fiscal, foreign exchange and monetary policy; as well as the levels of intermediate and instrumental variables required in order to achieve the aforementioned final objectives. This agreement shall be signed by the President* of the Venezuelan Central Bank and the head of the ministry responsible for finance, and shall be made public at the time of approval of the budget by the National Assembly. It is the responsibility of the signers of the agreement to see that policy actions are consistent with the objectives. The aforementioned agreement shall specify the results expected and the policies and actions designed to achieve the same. The characteristics of the annual economic policy agreement and the mechanisms for submitting an accounting shall be established by law.

Article 321: A macroeconomic stabilization fund shall be established by law for the purpose of guaranteeing the stability of the State's expenses at the national, regional and municipal levels, in the face of fluctuations in ordinary revenues. The operating rules for this fund shall observe the basic principles of efficiency, fairness and nondiscrimination as between the public organs contributing resources to the fund.

Article 322: National security is an essential competence and responsibility of the State, based on the overall development of the latter, and its defense is the responsibility of all Venezuelans, as well