European Union finance ministers officially approved Bulgaria’s adoption of the euro on Tuesday, paving the way for the country to join the single currency area on January 1, 2026.
The move makes Bulgaria the 21st member of the eurozone, nearly 19 years after joining the EU.
“We did it!” Bulgarian Prime Minister Rossen Jeliazkov declared in a post on X. “We thank all institutions, partners and everyone whose efforts made this landmark moment possible. The government remains committed to a smooth and effective transition to the euro in the interest of all citizens.”
The EU ministers formally set the conversion rate at 1.95583 Bulgarian lev to one euro.
“Joining the euro area is much more than just about replacing lev with euro. It is about building a brighter and more prosperous future for Bulgaria and its citizens at the heart of Europe,” said EU economy chief Valdis Dombrovskis. “The euro will bring new opportunities, investments, jobs and growth.”
The decision follows last month’s confirmation from the European Commission that Bulgaria, the EU’s poorest country, had met all necessary economic criteria for euro adoption. The European Central Bank also gave its approval.
Bulgaria’s path to the eurozone has been politically turbulent, with seven elections held in just three years—the most recent in October 2024. Public opinion remains divided, with many Bulgarians concerned about potential price hikes and reduced purchasing power.
President Rumen Radev had controversially proposed a referendum on euro adoption, but the idea was swiftly rejected by parliament. Since June, protesters in Sofia have camped outside government buildings, demanding the country “keep the Bulgarian lev.” Far-right parties have seized on the issue to push anti-EU rhetoric.
Supporters, however, argue that joining the eurozone will strengthen Bulgaria’s economy and Western ties while countering Russian influence.
“The political benefits are becoming increasingly significant, as the protests against the euro seem to bear the mark of the Kremlin,” said Veselin Dimitrov, a 43-year-old musician in Sofia.
The euro’s expansion comes as the currency strengthens against the U.S. dollar amid global uncertainty over former President Donald Trump’s trade policies.
When the euro first launched in 2002, only 12 nations were part of the currency union. Since then, membership has gradually expanded, with Croatia being the most recent addition in 2023. Bulgaria had hoped to join earlier but was delayed due to high inflation.
To qualify for euro adoption, EU countries must demonstrate economic stability, including keeping inflation within 1.5 percentage points of the EU’s top performers. The European Commission confirmed Bulgaria’s inflation rate was 2.7 per cent in the 12 months leading to April 2025—just below the required threshold.
