In November of last year, the Commission launched in-depth reviews for 12 Member States to analyse whether they were experiencing macroeconomic imbalances and to assess the gravity of these imbalances. The 12 Member States examined in depth this year were all identified as experiencing imbalances or excessive imbalances last year. In its analysis released on 7 March as part of the European Semester Winter Package, the Commission concludes that 11 out of the 12 Member States examined are facing either imbalances (8) or excessive imbalances (3). Croatia, Cyprus and Italy are experiencing excessive economic imbalances, while Bulgaria, France, Germany, Ireland, the Netherlands, Portugal, Spain and Sweden are experiencing economic imbalances. For Bulgaria, France and Portugal this is a de-escalation from excessive imbalances last year. Slovenia is no longer experiencing economic imbalances. For Bulgaria and Portugal, the Commission underlined that further efforts remain necessary to achieve a sustainable correction of the imbalances.