Controlling Jasmine Officionale

I have a well established 3 metre high jasmine growing in a sheltered position that is using a much loved climbing rose for support. Unfortunately I have allowed the jasmine to get too big and it's old wood is twined around most of the rose stems and it's new growth swamp the roses when they appear. I want to cut it back hard to about 18 inches from ground thus removing all new wood and freeing up my rose. Will the jasmine survive and produce new growth from the somewhat "butchered" base.