In November 2018, the Commission launched in-depth reviews for 13 Member States to analyse whether they were experiencing macroeconomic imbalances, and if so, how serious they were. The Commission has now concluded that imbalances or excessive imbalances exist in all of these 13 Member States, but the gravity of the imbalances has diminished in some cases. In summary, Bulgaria, Germany, Spain, France, Croatia, Ireland, the Netherlands, Portugal, Romania and Sweden are experiencing economic imbalances, while Cyprus, Greece and Italy are experiencing excessive imbalances. The Commission will continue to review developments and policy measures taken by all Member States with imbalances or excessive imbalances through specific monitoring in the context of the European Semester. The conclusions were released as part of the European Semester Winter Package on 27 February.