Brussels, 11/05/2012 (Agence Europe) - MEPs in the European Parliament's economic and monetary affairs committee will be voting on Monday 14 May on the two items of draft legislation adjusting the Stability and Growth Pact, despite the Social Democrats' desire to postpone the vote to await changes at head of state level on growth stimulus. The draft reports by Elisa Ferreira (S&D, Portugal) and Jean-Paul Gauzès (EPP, France), include the fiscal compact's reduction targets, which require the 25 signatory countries to have a structural deficit of less than 0.5%, but use different terminology from the fiscal compact (according to an EU source). The reports require the budget reduction measures to be interpreted differently depending on how they will affect economic growth and jobs in the medium-term. In the event of “exceptional circumstances”, it will be possible to alter the targets. The European Commission would be given a bigger role to play, but MEPs do not want to hand it a blank cheque as such, explained a close European source. (MB/transl.fl)