The European Commission has concluded that Bulgaria is ready to adopt the euro on January 1, 2026. This will make it the 21st EU member state to join the eurozone.
This was reported by the press service of the European Commission.
Bulgaria meets the four nominal convergence criteria, which are intended to ensure that the country is ready to adopt the euro and that its economy is sufficiently prepared to do so. In addition, Bulgariaʼs laws have been found to be compatible with the requirements of the Treaty and the Statute of the European System of Central Banks and of the European Central Bank.
"The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to adopting it as its currency. Thanks to the euro, the Bulgarian economy will become stronger, trade with eurozone partners will increase, as well as foreign direct investment, access to finance, quality jobs and real incomes," said European Commission President Ursula von der Leyen.
The EU Council is expected to make the final decision on the introduction of the euro in Bulgaria after discussions in the Eurogroup and the European Council. And only after the European Parliament and the European Central Bank have expressed their opinions.
However, critics warn that Bulgariaʼs entry into the eurozone could lead to at least a one-time price increase, which would particularly hit the population in rural areas.
- Bulgaria joined the European Union on January 1, 2007, along with Romania. However, the country is still not a member of the eurozone, meaning it does not officially use the euro as its currency — the Bulgarian lev remains.
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