The European Semester Spring package presented on 22 May takes account the conclusions of and follows up on February's European Semester Winter Package, including on the Macroeconomic Imbalances Procedure. For Cyprus, Italy and Portugal, which were experiencing excessive macroeconomic imbalances, the Commission concluded that there is no analytical ground for stepping up the procedure, provided that the three countries fully implement the reforms set out in their country-specific recommendations. The Macroeconomic Imbalances Procedure aims to identify, prevent and address the emergence of potentially harmful macroeconomic imbalances that could adversely affect economic stability in a particular EU country, the euro area, or the EU as a whole.