The Council of the European Union has approved three final legislative acts that pave the way for Bulgaria to adopt the euro starting January 1, 2026. Thus, the country will become the twenty-first member of the eurozone and will be able to enjoy all the benefits of the EU’s common currency from the beginning of next year.
This is reported by Finway
Key Decisions for the Euro Transition
One of the adopted legislative acts establishes the exchange rate of the Bulgarian lev to the euro at 1.95583 levs per 1 euro. This corresponds to the current central rate of the lev within the ERM II exchange rate mechanism. The establishment of a fixed rate will ensure stability during the transition and minimize risks for the country’s economy.
The completion of the legislative process became possible after the European Parliament supported Bulgaria’s entry into the eurozone. In this context, protests took place in Sofia: citizens expressed their disagreement with the upcoming transition to the euro in front of the European Commission’s representation, while the pro-Russian political force “Revival” organized a rally in Independence Square.
Assessment of Bulgaria’s Readiness for the Eurozone
In early June, the European Commission and the European Central Bank published convergence reports confirming Bulgaria’s compliance with the necessary criteria for joining the eurozone. The European Commission’s convergence report served as the basis for the EU Council’s final decision regarding the country’s readiness to switch to the euro.
The EU Council has adopted the last three legislative acts necessary for Bulgaria to introduce the euro starting January 1, 2026.
The transition to the euro is expected to strengthen Bulgaria’s integration into the EU’s economic space and open new opportunities for businesses and citizens of the country.