On Wednesday, the 4th of June, the European Commission (EC) and the European Central Bank (ECB) gave Bulgaria the green light to adopt the euro at the beginning of 2026, making Bulgaria the 21st country to join the single currency area, according to Reuters.
In its convergence report, the EC described Bulgaria’s economy as compatible with that of the eurozone and noted that Bulgaria had met the formal criteria for adopting the currency.
The euro is currently used by 347 million Europeans in 20 countries.
“Today, the European Commission concluded that Bulgaria is ready to adopt the euro on the 1st of January 2026 – a significant milestone that will make Bulgaria the 21st Member State to join the eurozone,” the Commission said in a statement.
The Commission also examined how closely Bulgaria’s economy and markets are linked to the rest of the EU and how the country is doing in terms of external payments.
In a separate report, the ECB also stated that Bulgaria is ready for the euro.
“I would like to congratulate Bulgaria on its tremendous determination to take the necessary steps,” said ECB Executive Board member Philip Lane.
Bulgaria has been striving to switch from the lev to the euro since joining the European Union in 2007. However, after such a long wait, many Bulgarians have lost their initial enthusiasm, and according to a Eurobarometer survey conducted in May, 50% of the population is now sceptical about the euro. Some Bulgarians fear that the currency change will lead to price increases.
“Ensuring price transparency and combating abusive price increases will require special efforts,” EU Economic Affairs Commissioner Valdis Dombrovskis said at a press conference. However, based on previous experience in other eurozone countries, he pointed out that price increases during currency changeovers have been small and manageable.
By becoming a member of the eurozone, Bulgaria will also gain a seat on the ECB’s Governing Council, which sets interest rates.
The EU’s positive recommendation means that leaders will approve it at the end of June. In July, finance ministers will set the exchange rate between the lev and the euro, and Bulgaria will spend the rest of the year preparing for the currency changeover.
Bulgaria meets the criteria for adopting the euro
Bulgaria qualified for the introduction of the euro by meeting the main requirements. Its April inflation rate of 2.8% was only slightly above the threshold compared to the three EU countries with the lowest inflation.
Bulgaria’s budget deficit is within the 3% limit – it is projected to be 2.8% in 2025 – and its public debt, at 24.1% of GDP in 2024 and 25.1% in 2025, is well below the 60% threshold.
Long-term interest rates and exchange rate stability also met the standards, supported by a long-standing currency board policy that has pegged the lev to the euro at a fixed rate of 1.95583 since 1999.
After Bulgaria’s accession to the euro area, only six of the 27 EU Member States will remain outside the single currency area: Sweden, Poland, the Czech Republic, Hungary, Romania and Denmark.
None of them have immediate plans to adopt the euro, either for political reasons or because they do not meet the necessary economic criteria.