As part of the European Semester, last November the Commission launched In-Depth Reviews for 13 Member States to analyse whether they were experiencing macroeconomic imbalances and to assess the gravity of those imbalances. The results of these Reviews were included in the corresponding Country Reports (summarised in country cards) released as part of the European Semester winter package on 22 February. The Commission has concluded that Finland is no longer experiencing imbalances in the meaning of the Macroeconomic Imbalances Procedure (MIP). The other 12 Member States are facing either imbalances (Germany, Ireland, Spain, the Netherlands, Slovenia and Sweden) or excessive imbalances (Bulgaria, France, Croatia, Italy, Portugal and Cyprus). These 12 will continue to be subject to specific monitoring adapted to the degree and nature of their imbalances. This will focus on their policy responses through an intensified dialogue with the national authorities, through experts’ missions and through progress reports.