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 Member State, the euro area, or the EU as a whole. The 2020 Alert Mechanism Report published last December identified 13 Member States for an in-depth review to assess whether they are, or may be, at risk of being affected by imbalances. The analysis looks at the gravity of the imbalances, their evolution and the policy responses. The results of these in-depth reviews, contained in the country reports for the Member States concerned, have found that Greece, Italy and Cyprus are still experiencing excessive imbalances; Germany, Ireland, Spain, Netherlands, France, Croatia, Portugal, Romania and Sweden are still experiencing imbalances; and Bulgaria is no longer experiencing imbalances.