Too little investment, too high a trade surplus – this is how the EU Commission’s verdict on Germany can be summarized. On Wednesday, as part of the European Semester, the European Commission not only presented the procedures it intends to initiate against member states with high deficits. The Commission also published a country report and country-specific recommendations for each member state. As the Commission identified a „macroeconomic imbalance“ for Germany – as it did for Cyprus, Hungary, Sweden and the Netherlands – it also published a detailed report on Germany’s macroeconomic risks.