We develop a theory of Lagrangian reduction on loop groups for completely integrable systems after having exchanged the role of the space and time variables in the multi-time interpretation of integrable hierarchies. We then insert the Sobolev norm H1H1 in the Lagrangian and derive a deformation of the corresponding hierarchies. The integrability of the deformed equations is altered, and a notion of weak integrability is introduced. We implement this scheme in the AKNS and SO(3) hierarchies and obtain known and new equations. Among them, we found two important equations, the Camassa–Holm equation, viewed as a deformation of the KdV equation, and a deformation of the NLS equation.