The right to regulate the monetary system represents one of the immanent features of state sovereignty. A central bank is an institution that is usually given the authority to conduct a country’s monetary policy. Slovenia entered the European Union in 2004, the Bank of Slovenia became part of the Eurosystem, and its governor a member of the Governing Council of the ECB that decides on the monetary policy of the euro area. At the moment, Croatia is about to enter the European Union. Both countries were parts of the former socialist Yugoslavia (SFRY) and so have not come a long way on their own. However, their experiences with an independent central bank cannot be neglected. Therefore, it is useful to explore how central banking was organised in the past: before SFRY, in SFRY, and after gaining independence.