EU Data Protection Regulation: Data Minimization has been dropped?

When the Article 29 Working Party published in May 2013 their paper on profiling it was very clear that data controllers would have to have a higher degree of responsibility, including data minimization. Anonymization and pseudonymization were explicitly noted as safeguards.
However, when the council submitted at the end of Greece's presidency a new draft, the data minimization principle was replaced by "personal data must be [..] adequate, relevant and not excessive in relation to the purpose" [p 81, 1(c)]. If it would become effective, this change could take down the attemtps to reduce user profiling by pseudonymization, because the the incentive wold be gone.
Only the commission expressed their reservation. I have not heard a discussion in my community, and I have not noticed dissenting member states.