Bulgaria Clears Major Hurdle to Adapt Euro as Its Currency
(MENAFN) The European Commission revealed on Wednesday that Bulgaria has satisfied all requirements to adopt the euro as its currency starting January 1, 2026, setting the stage for the country to become the euro area's 21st member.
This conclusion, detailed in the Commission’s 2025 Convergence Report—produced at Bulgaria’s request—confirms that the nation meets all four nominal convergence benchmarks necessary for euro adoption. The evaluation also took into account wider economic factors, including market integration and balance of payments stability. A concurrent report from the European Central Bank (ECB) reinforced these findings.
Following this assessment, the Commission has forwarded a proposal to the Council of the EU recommending Bulgaria’s euro introduction. The Council is expected to deliver its final decision in the first half of July, after engaging with the Eurogroup, European Council, European Parliament, and the ECB.
"This brings Bulgaria one step closer to euro adoption," said Commission President Ursula von der Leyen. She emphasized that joining the eurozone would boost Bulgaria’s economy by enhancing trade, attracting investment, and improving access to financing.
Bulgaria’s Prime Minister Rossen Jeliazkov praised the report as a culmination of years of reforms and close cooperation with European partners. He is anticipated to provide a formal statement later Wednesday.
Despite official optimism, public opinion in Bulgaria remains sharply divided. A recent poll by Research Center Trend revealed that just 21 percent support adopting the euro in 2026, while 33 percent favor postponing the switch and 38 percent oppose it entirely. Recent weeks have seen protests demanding a referendum to maintain the national currency, the lev.
In May, President Rumen Radev formally proposed a national referendum on the euro to Parliament. On May 27, the Constitutional Court launched an investigation into Parliament Speaker Nataliya Kiselova’s refusal to advance the referendum proposal.
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