Greece is no longer considered to be experiencing macroeconomic imbalances, the European Commission said on Wednesday, marking a significant milestone for an economy that spent more than a decade under close European scrutiny following its sovereign debt crisis.
In its 2026 European Semester Spring Package, the Commission concluded that macroeconomic vulnerabilities in Greece have declined sufficiently over recent years to remove the country from the list of member states facing economic imbalances.
“Greece, the Netherlands and Sweden are assessed as no longer experiencing imbalances as their macroeconomic vulnerabilities have declined over the years,” the Commission said in its annual assessment of economic risks across the European Union.
The decision represents a symbolic step in Greece’s economic recovery after years of financial assistance programmes, fiscal adjustment and enhanced surveillance by European institutions.
The Commission’s review found that vulnerabilities across the EU have evolved unevenly over the past year, with some countries making progress while others continue to face significant risks. Italy, Hungary and Slovakia were found to still experience macroeconomic imbalances, while Romania remains the only country classified as facing excessive imbalances.
The assessment comes as Brussels urges member states to strengthen competitiveness, boost innovation, accelerate the clean-energy transition and maintain sound public finances amid growing geopolitical uncertainty and persistent economic pressures.
The Commission also published its latest post-programme surveillance report for Greece, concluding that the country retains the capacity to repay its debt. Similar conclusions were reached for Ireland, Cyprus and Portugal, all of which received international financial assistance during previous crises.
Despite the positive assessment, Greece remains among a group of countries facing employment and social challenges that require closer monitoring under the EU’s Social Convergence Framework. The Commission said a deeper analysis would continue for Greece alongside Bulgaria, Spain, Italy, Latvia, Lithuania, Luxembourg, Romania and Finland.
More broadly, the European Semester package highlighted continuing challenges for the EU economy, including geopolitical tensions, security risks, climate-related pressures, volatile energy prices and the cost-of-living crisis.
The Commission called on member states to pursue reforms aimed at increasing productivity, reducing administrative burdens, supporting investment and improving access to affordable housing, while safeguarding fiscal sustainability.
The findings will now be discussed by EU finance ministers and national governments before country-specific recommendations are formally endorsed later this year.
Why it matters
The removal of Greece from the EU’s macroeconomic imbalances category is one of the strongest signals yet from Brussels that the country’s economic vulnerabilities have eased substantially since the debt crisis. While challenges remain, the assessment places Greece in a markedly different position from the years when it was considered one of the EU’s highest-risk economies.
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