The Commission welcomes the Council’s decision to approve Bulgaria’s accession to the euro area on 1 January 2026, making it the twenty-first Member State to join the single currency. This landmark decision follows the Commission’s 2025 Convergence Report of 4 June which concluded that Bulgaria had successfully met the convergence criteria to join the euro area, an assessment complemented by the European Central Bank’s Convergence Report published the same day.
The Council also set the official conversion rate today, paving the way for a seamless transition from the lev to the euro.
Joining the euro area will bring tangible benefits to Bulgarian citizens and businesses: no more currency exchange costs, easier cross-border payments, increased price transparency, and better access to finance. It will also contribute to boosting trade, investment, and job creation, while granting Bulgaria a more prominent role within the euro area’s decision-making structures like the ECB and the Eurogroup.
The euro will make it easier for Bulgarians to travel, work, and do business across the euro area, reflecting the country’s commitment to a united and prosperous European Union.
Valdis Dombrovskis, Commissioner for Economy and Productivity Implementation and Simplification, said: “The euro brings a positive impact on growth thanks to full integration into the EU’s single market, where Bulgaria’s goods and services will become more competitive. In the longer run, the euro brings more stable prices and increases the resilience of the economy in the face of sudden shocks.”
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Newsletters
Bulgaria’s Push to Adopt the Euro Takes Another Step Forward
- Convergence Reports Published: On June 4, 2025, the European Commission and the European Central Bank released convergence reports affirming Bulgaria’s readiness to adopt the euro, following the country’s request for an assessment on February 25, 2025.
- Potential Adoption Date: The reports suggest that Bulgaria could potentially adopt the euro as early as January 1, 2026, marking a significant milestone in the country’s economic integration with the Eurozone.
- Remaining Steps for Accession: Despite the positive assessment, several critical steps remain before Bulgaria can officially join the Eurozone, including drafting and approving the accession recommendation, determining the fixed exchange rate between the Bulgarian lev and the euro, and securing a majority vote from the European Parliament and the Economic and Financial Affairs Council.
Importance of This Development
Bulgaria’s movement towards euro adoption reflects its commitment to deeper integration within the European Union, which could enhance economic stability and attract investment, while also requiring careful navigation of the necessary legal and economic adjustments.
Source Sovos
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