EU approves Bulgaria’s eurozone entry for 2026
Brussels has approved Bulgaria’s entry into the eurozone. The decision, which follows a positive assessment by both the Commission and the European Central Bank (ECB), clears the way for the country to adopt the euro on 1 January 2026.
The Commission and ECB confirmed on 4 June that Bulgaria meets all key convergence criteria: inflation, public finances, exchange rate stability, and long-term interest rates.
“This positive assessment paves the way for Bulgaria to introduce the euro”, said ECB board member Philip R. Lane. EU commissioner for the economy Valdis Dombrovskis said the move would bring “stable prices, lower transaction costs, protected savings, more investment, and increased trade.”
The adoption of the euro, a condition for joining the EU, has long been a challenge for Bulgaria. The country was plagued by legislative failures, including reforms to combat money laundering, concerns over inflation, and political gridlock (Bulgaria has had seven elections in the past four years) - making the path to full EU integration difficult.
Bulgaria has now maintained low debt and deficit levels. 2024 figures stand at 24.1 per cent and 3.0 per cent of GDP, respectively. Average inflation between May 2024 and April 2025 was 2.7 per cent, just below the 2.8 per cent reference value.
The decision is a major win for prime minister Rosen Zhelyazkov’s minority government, which sees euro adoption as key to boosting trade and gaining influence within the ECB. Although the lev has been pegged to the euro since 1999, Bulgaria currently has no role in eurozone policy decisions.
However, the decision comes amid growing domestic backlash. Mass protests, often backed by the far-right Revival party, have swept across dozens of cities, with demonstrators warning of price hikes and demanding a referendum. Those calls have been blocked by parliament and the courts.
Final approval from the European Parliament and EU member states is expected by July. Bulgaria would be the second country this decade to join the euro, after Croatia in 2023.
A woman shouts nationalist slogans during an anti-Euro demonstration © Nikolay DOYCHINOV / AFP