The European Commission has concluded that Bulgaria is ready to introduce the euro from 1 January 2026 – making it the 21st EU member state to join the eurozone.
According to the press service of the European Commission, Bulgaria fulfils the four nominal convergence criteria, which are designed to ensure that the country is ready for the introduction of the euro and that its economy is sufficiently prepared for it. The member country’s legislation is also recognised as compatible with the requirements of the Treaty and the Statutes of the European System of Central Banks and the European Central Bank (ECB).
“The euro is a tangible symbol of European strength and unity. Today Bulgaria is one step closer to its adoption as a currency. Thanks to the euro, the Bulgarian economy will be stronger, trade with eurozone partners, foreign direct investment, access to finance, quality jobs and real incomes will increase,” said European Commission President Ursula von der Leyen.
The EU Council is expected to take a final decision on the introduction of the euro in Bulgaria after discussions and after the European Parliament and the ECB provide their conclusions.
The convergence report prepared by the European Commission is the basis for the EU Council’s decision on whether a member state fulfils the conditions necessary to join the eurozone.
Protests against the country’s switch to the Euro took place in Bulgaria over the weekend in the capital and a number of cities. Most parties in Bulgaria’s parliament have declared their support for the introduction of the euro, which was one of the conditions for joining the European Union in 2007.