The European Commission and the European Central Bank (ECB) approved Bulgaria's transition to the euro starting in early 2026. This decision will make Bulgaria the 21st country to join the single currency area, used by 347 million Europeans in 20 countries.
The Commission published a 'convergence report' describing how Bulgaria's economy aligns with the rest of the eurozone, confirming that Bulgaria meets the necessary formal criteria for adopting the euro. The Commission also examined how integrated Bulgaria's economy and markets are with the rest of the EU, as well as the country's balance of payments trends.
In a separate report, the ECB also confirmed that Bulgaria is ready for the transition. ECB Executive Board member Philip Lane praised Bulgaria's commitment to making the necessary adjustments.
Bulgaria has sought to transition from the lev to the euro since joining the European Union in 2007. However, after a long wait, a Eurobarometer survey in May showed that 50% of Bulgarians are now skeptical about the euro. Joining the eurozone means not only using euro banknotes and coins but also provides a seat on the ECB's Governing Council, which determines interest rates.
Bulgaria's transition to the euro will occur three years after the last eurozone expansion, when Croatia joined the single currency group in early 2023.
