14/06/2005 (Agence Europe) - On Monday, the Council endorsed legislative revision of the Stability and Growth Pact by amending Regulation 1466/97 on strengthening and surveillance of budgetary positions and Regulation 1467/97 on implementation of excessive deficit procedure (see EUROPE 8965 on the subject of the vote at the European Parliament). The first text defines the medium-term objectives of Member States and their adjustment trajectory in the event of major structural reform, and on pensions. The second relaxes the definition of exceptional circumstances, enlarges the taking into account of relevant factors for the successive stages of the procedure and above all lengthens the times allowed for taking measures leading to bringing the deficit down below 3%.