Chatham and Colonial Confederated Kingdoms.

I really like this idea, actually. If Spain carries it out, this could be the start of a "Spanish Commonwealth" (similar to the British version). One thing I am unclear about - would the King of Spain become the Emperor of Spain under this plan?
 
From what I gleaned, Spain would officially still be a kingdom and his title 'King of Spain', the 'emperor' bit merely being applied to the American kingdoms.
 
If I recall correctly, the Spanish Hapsburgs considered a similar plan before the War of the Spanish Succession and the Bourbon reforms.

EDIT: I recall incorrectly, disregard this post.
 
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I wonder if this reformed Spanish empire would be a slave holding empire, or maybe as part of the liberalization program destroy slavery too?
 
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