The Eurozone is preparing to expand; Bulgaria has received official approval to adopt the euro as its official currency as of January 1, 2026. Once this process is complete, Bulgaria will become the 21st member of the Eurozone.
The European Commission and the European Central Bank (ECB) have confirmed that Bulgaria now meets all the necessary criteria to join the monetary union.
These criteria include low inflation, stable exchange rates, manageable public debt, and central bank independence.“This positive assessment paves the way for Bulgaria to adopt the euro,” said ECB Executive Board Member Philip Lane.
A Historic Milestone
European Commission President Ursula von der Leyen praised the development and described it as a “historic step” for Bulgaria. Von der Leyen said that adopting the euro would bring more investment, trade and economic stability to the country. Bulgaria has been preparing to adopt the euro since joining the European Union in 2007. The biggest obstacle to date has been high inflation. However, this obstacle was overcome in April when inflation fell to 2.8%.
The country currently uses the Bulgarian lev with an exchange rate pegged to the euro (1 euro = 1.96 leva).
Next Steps and Political Division
The European Commission has proposed the final legal steps for Bulgaria’s transition to the euro, but the final decision will rest with the European Union Council.
Opinions are divided in public opinion and political circles in Bulgaria.
In this situation:- According to an EU poll, 49% of Bulgarians support adopting the euro.
- Some nationalist parties and the President of Bulgaria oppose this move.
- Prime Minister Rosen Zhelyazkov is a strong advocate of adopting the euro.
If approved, Bulgaria would join the 20 countries currently using the euro.
More than 341 million people will have joined. According to the ECB, the total value of euro banknotes in circulation exceeds 1.5 trillion euros.
