Two years ago Slovenia was paying high interest on debt and had to recapitalise banks, but in the last 18 months the situation has improved significantly. Slovenia is "no longer in crisis mode," according to Regling.

Overall, he said the countries which were bailed out - Ireland, Greece, Portugal, Spain and Cyprus - were making steps in the right direction but had to continue with reforms. "It never ends," he noted.

Regling is in Slovenia to present the workings of the ESM and to exchange views with Slovenian officials.

He has held talks with Finance Minister Dušan Mramor, Parliamentary Speaker Milan Brglez, and members of the EU affairs and finance committees.

Mramor described the ESM as "a child born out of one of the biggest crises in Europe," and a credible bulwark of eurozone countries.

"Without the ESM many members would be forced to leave the eurozone and Europe would not be the same," he said after Regling's presentation.