Macroeconomic imbalances were accumulated over years, and particularly came to the fore during the last financial crisis when they had a big influence on the most member countries, and, at the end, on the whole European union. Macroeconomic imbalances affects a sustainability of financial system, competitiveness and a macroeconomic stability of the country, hence, the purpose of this work is to identify and describe possible ways of solving and diminishing imbalances with all the associated risks for Croatia and the European union. National governments and European institutions have an important role in all of that. Creation of the work is based on the study and analysis of professional publications, literature and articles that covered topics relating to the work. Statistical data are used for detailed analysis and creation of accompanying tables and charts. Although many measures are implemented, which is supported by positive results in Croatia and the European union, there is a lot of space for an enchancement. Structural reforms and programs must be directed at improving the results of all indicators of macroeconomic imbalances. Except on public finance, they must be focused on health and pension system, a labour market, a social protection, a public administration and increasing of the absorption from the European union's fund. It would be lead to a long-term sustainability, and at the end it will influence an increasing of employment, competitiveness, export and economic growth.