By Klaus-Rainer Jackisch, HR

It was a bad omen when the organizers at the European Central Bank set the two foreign dates of the Governing Council for 2012 last year. Twice a year, the train of the monetary authorities does not travel to Frankfurt am Main to the Eurotower, but to a member country to hold the council meeting there. The Governing Council met in Barcelona in spring. That was exactly when the Spanish banking crisis reached its peak.

You don’t hear good things from Slovenia

This week the Governing Council gathers on a pretty country estate near the Slovenian capital Ljubljana. You don’t hear anything good from this country either: Slovenia, nestled between Austria in the north, Croatia in the south, Hungary in the east and Italy in the west, only joined the euro in 2007. At that time, the former republic of Yugoslavia was considered a model student in the EU: The economy was booming, investments flowed and economic growth was the highest in the monetary union. Nobody thought of a crisis.