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"When others were hit by the wave, we were hit by the tide," economist Janez Prašnikar commented the fast crediting in 2007, presenting the research at a business conference in Portorož on Friday.

Slovenian companies mostly took new loans from banks for investments in their core activities and for financial investments, and the credit crunch has slowed this down, he noted.

The research analysed the operations of over 10,000 companies in 17 countries between 2006 and 2010, with a special focus on the groups of countries of the Western Balkans, of the Mediterranean and of the core European countries.

Prašnikar said he was concerned especially by the slight increase in money flow in Slovenia in 2011 stemming mostly from the fact that companies were monetizing their claims and were transferring their burdens to suppliers.

Among the solutions, Prašnikar highlighted a speedy increase in the flexibility of the labour market, as he said the examples from the Western Balkans showed that the results would not be felt immediately.

Actions must be taken before unemployment reaches a level at which the measures will no longer suffice, he stressed.