Slovenia was the only EU member for which the Commission had established excessive imbalances two years in a row. But news came from Brussels today that the imbalances are no longer excessive.

"The rebalancing is ongoing and overall decisive policy actions, improved export performance and growth conditions have reduced risks compared to last year, in particular those linked to external sustainability," the Commission wrote.

However, Slovenia is still in a group of countries, together with Ireland, Spain and Hungary, which continue to face imbalances that "require decisive policy action and specific monitoring".

"Weak corporate governance, a high level of state ownership, a still high corporate leverage, and an increasing public debt pose risks for financial stability and growth and warrant close attention," the Commission added.

The Finance Ministry commented on the news by saying that it confirmed Slovenia's measures were going in the right direction.

Its representatives told the STA they were happy that Brussels had recognised the country's efforts in this field and announced a more detailed response after the ministry receives the Commission's official documents.

Meanwhile, the Commissions's analysis found excessive imbalances for this year in France, Italy, Croatia, Bulgaria and Portugal.

The five need to take action before another review by the Commission, probably in May, to prevent proceedings which can include a fine in the worst case scenario.