Progress in correcting macroeconomic imbalances continues, but further policy action is required. According to an assessment released on 5 June as part of the European Semester Spring Package, some Member States continue to record private and public debt at historically high levels, which reduces the room for manoeuvre to address negative shocks, while other Member States see signs of possible overheating related to dynamic house price growth and rising unit labour costs. All Member States require further measures to enhance productivity, boost investment, and promote potential growth. In February, the Commission concluded that 13 Member States were experiencing imbalances (Bulgaria, Croatia, France, Germany, Ireland, Portugal, Spain, the Netherlands, Romania, and Sweden) and that three countries of these were experiencing excessive imbalances (Cyprus, Greece, and Italy). As in previous years, these imbalances require continued specific monitoring under the Macroeconomic Imbalances Procedure (MIP).