Bulgaria is set to join the eurozone on January 1, 2026, following the final approval granted today by the Council of the European Union and the European Parliament, thereby becoming the 21st member of the single currency area.
“The Council adopted today the final three legal acts necessary for Bulgaria to introduce the euro on January 1, 2026. This concludes the process for Bulgaria to become the 21st member of the euro area and benefit from using the EU’s common currency, the euro, starting next year,” stated the structure that brings together EU member states in a release.
Additionally, the European Parliament announced in a press release that “Members of the European Parliament overwhelmingly supported Bulgaria’s bid to adopt the euro and join the euro area,” with the report receiving 531 votes in favor, 69 against, and 79 abstentions during the plenary session held in Strasbourg, France.
The eurozone is a monetary union composed of 21 of the 27 European Union countries that have adopted the euro as their official currency.
Formally established in 1999 with the aim of promoting economic stability and financial integration among member states, the eurozone is managed by the European Central Bank, which sets common monetary policy.
To join, countries must meet strict economic and financial criteria known as convergence criteria.
This union allows for easier commercial transactions, price stability, and the elimination of currency fluctuations within the bloc, though it also presents challenges such as joint management of economic crises.
The most recent country to adopt the euro was Croatia in 2023.
Regarding Bulgaria, the conversion rate between the euro and the Bulgarian lev is now set at 1.95583 lev per 1 euro.
