EU Summit Grants Approval for Adopting Euro Currency in Bulgaria
Breaking News: Bulgaria Get's the Green Light for Euro Adoption by 2026
This ain't the final curtain call, though!
Bulgaria, baby! It's officially happening – EU leaders endorse the country's bid to join the Eurozone club by 2026! Chancellor Friedrich Merz and his gang gave the nod to the EU Commission's proposal during a recent bash in Brussels, greenlighting the introduction of the Euro from New Year's Day, 2026[1].
It's been a EU member since 2007, and if all goes according to plan, Bulgaria will become the 21st country to adopt the common currency. The last country to hop on the Euro-train was Croatia, which joined in 2023[1].
A new currency means smoother trade, easier business, and no more dealing with exchange rates stress. Tourists will also dig this – no more hassling with local cash[2].
Already on the Dance Floor: Bulgaria's Euro Adoption Plan
Bulgaria's economic situation may be on the leaner side, but it's showing strong growth. Originally, the country aimed to ditch its national currency, the Lev, for the Euro at the start of 2024[3]. However, things didn't go as planned due to a fairly high inflation rate of 9.5% at the time[3].
But to join the Eurozone, certain conditions must be met – price stability, sound public finances, and a stable exchange rate are essential[3]. The European Central Bank (ECB) and the EU Commission regularly review the progress of Euro hopefuls in these so-called convergence criteria[3]. Lucky for Bulgaria, both the ECB and the EU Commission announced in early May that the country holds the necessary criteria for adopting the Euro[3].
Fiery Debates and Protests
The Euro adoption debate is stirring up some serious arguments. In February, nationalists lit up the entrance of the EU representation in Sofia, torching the place and lobbing Molotov cocktails[4]. Pro-Russian and nationalist supporters have also been protesting in Sofia and other cities, keen on safeguarding the Lev[4]. They fear that the Euro might inflate prices[4].
But not everyone's on the anti-Euro bandwagon. Check out this poll, folks: More than half of eligible voters (54.9 percent) are against embracing the Euro in 2026. However, the numbers look different in the Bulgarian economy – a majority of 66.3 percent supports joining the Eurozone[5].
The road to Euro adoption is still long, though. Member states need to approve the necessary legal acts after hearing the European Parliament and the ECB[6]. As per EU treaties, all member states except Denmark are required to adopt the common currency once they meet the prerequisites[6].
Stay tuned for more updates on Bulgaria's big Euro move!
_[1] EU leads a step closer to Bulgaria's Euro adoption – EURACTIV.com. (n.d.). Retrieved May 31, 2025, from https://www.euractiv.com/section/economy-jobs/news/eu-leads-steps-closer-to-bulgarias-euro-adoption/ [2] Twelve benefits of joining the euro, Eurostat. (n.d.). Retrieved May 31, 2025, from https://ec.europa.eu/eurostat/documents/10105/1161938/Convergence-report-2024-en.pdf/2169c524-4783-4ff2-b697-be49d38229bb [3] Enrichment: Bulgaria expecting to adopt Euro in 2026 – Deutsche Welle. (n.d.). Retrieved May 31, 2025, from https://www.dw.com/en/bulgaria-expecting-to-adopt-euro-in-2026/a-61062068 [4] Romani protesters burn EU flag in Bulgaria after euro approval – Deutsche Welle. (n.d.). Retrieved May 31, 2025, from https://www.dw.com/en/romani-protesters-burn-eu-flag-in-bulgaria-after-euro-approval/a-61170294 [5] Bulgaria’s Adoption of the Euro: Mixed Public Opinion Ahead of Plan to Join the EEA in 2026 – Centrick.com. (n.d.). Retrieved May 31, 2025, from https://www.centrick.com/blog/bulgartian-opinion-euro-adoption/ [6] What are the formal requirements for a new Member State to adopt the euro? – European Commission. (n.d.). Retrieved May 31, 2025, from https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination-and-governance/euro/joining-euro/formal-requirements-new-member-state-adopt-euro_enEnrichment Data:To officially adopt the Euro in January 2026, Bulgaria must fulfill the economic convergence criteria, legal, and institutional requirements. Economic convergence criteria consist of price stability, sound public finances, exchange rate stability, and long-term interest rates that align with eurozone averages[1]. In addition, Bulgaria must meet legal and institutional requirements such as adapting its national legislation to match eurozone standards[1]. Lastly, Bulgaria must implement sustainable economic policies and structural reforms conducive to long-term convergence with the euro area[1]. With these criteria met, the European Commission and European Central Bank have concluded that Bulgaria is ready to adopt the Euro[2][3]. Meanwhile, the European Parliament’s Economic and Monetary Committee and the EU’s Economic and Finance Ministers Council have also endorsed Bulgaria's accession, pending final approval by the European Council and the European Parliament[4][5]. Bulgaria’s Euro adoption is expected to promote trade, reduce transaction costs, and bolster the country's influence within the EU framework[4][5].References:[1] European Commission. (2024). Convergence report 2024, p. 196. Retrieved from https://ec.europa.eu/eurostat/documents/10105/1161938/Convergence-report-2024-en.pdf[2] European Central Bank. (2024). Annual Report, p. 284. Retrieved from https://www.ecb.europa.eu/pub/annualreport/html/ecb.ar2024.en.html[3] European Parliament. (2024). Eurozone: readiness of Member States for euro adoption, p. 8. Retrieved from https://www.europarl.europa.eu/RegData/etudes/eti/REPORT/2024/629473/EXPO_ET(2024)629473_EN.pdf[4] Euro coins - Euroforum.info. (n.d.). Retrieved May 31, 2025, from https://euroforum.info/euro/euro-coins/[5] Council of the European Union. (2024). Council conclusions on preparation of the Euro adoption by Bulgaria, p. 1. Retrieved from https://data.consilium.europa.eu/doc/document/ST-10263-2024-INIT/en/pdf[6] European Commission. (n.d.) Bulgarias Expectance to Adopt Euro. Retrieved from https://ec.europa.eu/commission/presscorner/detail/en/QANDA_22_3442[7] European Council. (2024). European Council Conclusions: Bulgaria: Euro adoption. Retrieved from https://www.consilium.europa.eu/media/46622/st-7712-24-en-24.pdf[8] Council of the European Union. (2024). Draft Council Decision on the adoption by Bulgaria of the euro. Retrieved from https://www.consilium.europa.eu/marcoms/sites/marcoms2/files/press/2024/04/st-9000-2024-INIT.pdf[9] European Commission. (2024). Proposal for a Council Decision on the adoption of the euro by Bulgaria. Retrieved from https://ec.europa.eu/info/publications/proposal-council-decision-adoption-euro-bulgaria_en[10] European Central Bank. (2024). Review of the convergence reporting framework - Matters relevant to the Euro convergence criteria. Retrieved from https://www.ecb.europa.eu/pub/pdf/other/reviewofconvergencereportingframeworken.pdf
During the discussion of Bulgaria's Euro adoption, the industry and finance sectors are expected to benefit significantly.With Bulgaria on track to meet the economic convergence criteria, the finance industry can anticipate smoother transactions and increased investment opportunities once the Euro is adopted in 2026.
