Bulgaria gets EU approval to join eurozone in ’26

The European Commission and European Central Bank (ECB) have approved Bulgaria’s adoption of the euro, set for January 1, 2026, making it the 21st member of the eurozone.

In its convergence report, the Commission confirmed Bulgaria meets the criteria on inflation, budget deficit, public debt, interest rates, and exchange rate stability.

Bulgaria has maintained a fixed exchange rate between its lev and the euro since 1999 under a currency board arrangement. The ECB also affirmed Bulgaria’s readiness, praising the country’s efforts to meet the economic requirements.

The move will grant Bulgaria a seat on the ECB’s Governing Council, three years after Croatia’s eurozone entry in 2023. Six EU countries remain outside the euro area, with no immediate plans to join: Sweden, Poland, Czech Republic, Hungary, Romania and Denmark. EU leaders are expected to endorse Bulgaria’s accession later in June, with finance ministers setting the official conversion rate in July.

Attribution: Reuters
Subediting: M. S. Salama