The European Parliament adopted its position on the so-called "two pack". MEPs agreed that next round of economic governance legislation must be geared more towards growth. In addition, they added to the initial Commission's proposal a new chapter on coordinating debt issuance, including the partial pooling of Eurozone debt, and legal protection for countries about to default. With this plenary mandate, Parliament's negotiators will enter into talks with them in order to reach a deal on the legislation with the Council.

The European Parliament adopted the so-called "two pack" on economic governance. According to MEPs, the next round of economic governance legislation must be geared more towards growth. In May 2012, MEPs decided not entering yet in negotiations with the Council on the fiscal policy proposals. In line with shifting sentiment, both texts stress the need to ensure that fiscal monitoring does not hamper growth. In addition, MEPs highlighted that the Commission's country-by-country budget 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.

The biggest changes to the Commission proposal are a new chapter on coordinating debt issuance, including the partial pooling of Eurozone debt, and legal protection for countries about to default. For MEPs, as some immediate fix solutions to reduce debts, a European Debt Redemption Fund would be set up to group together all Eurozone members' debt which exceeds 60% of their GDP. As to longer-term solutions, the Commission would also be required to present a roadmap for introducing Eurobonds and a proposal for a growth instrument which would mobilise 1% of GDP per year, or around €100 billion, over ten years, for infrastructure investments.

In addition, the Commission's exercise of its increased powers would be monitored more closely by Member States and the European Parliament, so as to ensure oversight, accountability and legitimacy, says the texts. Nonetheless, the text dealing with exceptional Commission powers in countries facing bankruptcy nonetheless places the Commission in a stronger position than it would have been under its own initial proposals, notably by providing for greater use of the "reversed qualified majority" rule for votes in the Council. For example, this rule would apply when the Commission recommends corrective measures to be taken by a country or when it requires new debt reduction plans to be submitted. Such decisions would be considered adopted unless the Council rejected them outright.