Bulgaria Set To Join Eurozone In 2026

Authored by RFE/RL staff via OilPrice.com,

• The European Commission has given Bulgaria the green light to adopt the euro as of January 1, 2026, following a positive assessment of the country’s economic convergence.

• Bulgaria’s approval to join the eurozone represents a significant milestone in its broader integration into the European Union, following its recent entry into the Schengen Agreement.

• Despite facing political and economic challenges, Bulgaria has met the necessary criteria for euro adoption, with final decisions to be made by the Council of the EU.

The European Commission has given Bulgaria the go-ahead to join the eurozone single currency region as of January 1, 2026, the country’s second major step in just one year on its path to full integration into the European Union.

The commission, which met on June 4 to convey its decision on the issue, said Bulgaria fulfils the four nominal convergence criteria that are used to evaluate whether a country is ready for euro adoption.

“The euro is a tangible symbol of European strength and unity,” said European Commission President Ursula von der Leyen.

The European Central Bank (ECB) also gave a positive assessment of Bulgaria’s application, saying it met the criteria of currency stability, inflation, public finances, and interest rates.

“This positive assessment of convergence paves the way for Bulgaria to introduce the euro as of 1 January 2026 and become the 21st EU Member State to join the euro area,” Philip Lane, a member of the ECB Executive Board, said.

“I wish to congratulate Bulgaria on its tremendous dedication to making the adjustments needed.”

The Council of the EU will take the final decisions on euro adoption for Bulgaria, basing its decision on the opinions of the EC and the ECB, as well as from talks with the Eurogroup and European Council.

While adoption of the euro was a condition for joining the European Union, legislative failures, including reforms to combat money laundering, concerns over inflation, and political gridlock — Bulgaria has had seven elections in the past four years — have made the path difficult for the country.

Mass protests took place in Sofia and other cities across the country last week, and politicians said after the decision that the task now is to make sure adoption provides benefits, not disruption.

Prime Minister Rosen Zhelyazkov said the government would work to make “the process of introducing the euro smooth, predictable, predictable” and to dispel “the fears that are instilled in people and that are used for political abuse.”

Added Boyko Borisov, leader of the GERB party and a former prime minister: “A huge amount of work lies ahead, especially next year, because Bulgarians should feel the benefits of the eurozone.”

The decision in favor of adoption is Bulgaria’s second big step in just one year on its path to full integration into the European Union.

In January, Sofia became a full member of Schengen agreement — and Bulgaria’s borders with neighboring Greece and Romania are now fully open.