The European Union is on the verge of giving Bulgaria the final approval to adopt the euro as its official currency, with EU ministers expected to formally endorse the decision on Tuesday. This development comes after the European Commission and the European Central Bank (ECB) confirmed that Bulgaria has met the necessary criteria to join the eurozone. According to the Commission’s 2025 Convergence Report, Bulgaria has fulfilled the four nominal convergence criteria required for euro adoption, paving the way for the country to become the 21st member of the euro area.
The ECB has also given a positive opinion on Bulgaria’s readiness to adopt the euro, with ECB chief economist Philip Lane stating that the country’s economy is sufficiently prepared for integration into the euro area. Bulgaria’s adoption of the euro is slated for January 1, 2026, pending a final decision by the EU Council. This move is expected to boost trade and investment with the rest of the Eurozone, increase foreign direct investment, and provide better access to finance.
Bulgaria’s journey to joining the eurozone has been marked by significant progress, despite facing protests at home and a stormy political backdrop with seven elections in three years. The country’s switch from the lev to the euro will come 19 years after it joined the European Union. With a population of 6.4 million people, Bulgaria’s adoption of the euro is seen as a critical step towards deeper European integration and economic stability.
