The Economic and Monetary Affairs Committee adopted two texts with a slim majority stating MEPs position on the economic governance "two pack". The vote was not without acrimony as centre left and centre right groups were divided on whether the timing was right for a vote. Thus, a decision was then taken not to open negotiations with the Council and instead turn to the plenary to test the level of backing of the whole house.

MEPs at the Economic and Monetary Affairs Committee in the European Parliament agreed that the European Commission should have more control over fiscal policy in EU Member States, but not the free rein it asked for, into the two text adopted by slim majority at a meeting celebrated on 14 of May. In December 2011, 23 Member States agreed within the Council for an intergovernmental treaty to move forward for a new fiscal compact. In addition, the adopted texts take up the debt issuance reporting requirements advocated by Member States in their common position on the "two pack", but also go much further. For example, a specific process for coordinating debt issuance annually is proposed and countries would be required to report in advance on their debt issuance plans to the Commission and Council.

On the other hand, in line with shifting sentiment, both texts stress the need to ensure that fiscal monitoring does not hamper growth. According to MEPs, the Commission's country-by-country assessments would therefore need to be more comprehensive, to ensure that budget cuts are not made at the cost of killing off investments with growth potential. Member States would also be required to detail which of their investments had a growth and jobs potential and the deficit reduction timetables would be applied more flexibly in exceptional circumstances or in a severe economic downturn.

MEPs also added to the proposals a provision on legal protection to countries facing bankruptcy, to give them more stability and predictability in tackling their problems. Once under such protection, a country could not be declared to have defaulted, its creditors would need to make themselves known to the Commission within two months, and loan interest rates would be frozen. MEPs also added a requirement for the Commission to consider negative spillover effects caused by the policies of other Member States when looking closely at the accounts of a country deemed to be in serious financial difficulty. This could result in reforms being asked not only of the country in difficulty, but also of other Member States that are seemingly in good health.