European Commission Approves Bulgaria’s Eurozone Entry, Adoption Set for January 1, 2026
Brussels, The Gulf Observer: The European Commission has officially endorsed Bulgaria’s accession to the eurozone, setting January 1, 2026, as the formal date for adopting the euro. This historic development will make Bulgaria the 21st member of the euro area, marking a significant milestone in the country’s European integration journey.
“Today we have reached a crucial milestone on our path to join the euro, marked by years of continuous efforts and strict fiscal discipline,” said Bulgarian Prime Minister Rosen Zhelyazkov, as reported by media. He further stated that the adoption of the euro would enhance economic stability and lay stronger foundations for investment and long-term growth.
Brussels, along with the European Central Bank, confirmed on Wednesday that Bulgaria has met all the convergence criteria required for euro adoption, including fiscal and inflation targets. While the formal approval by euro area finance ministers remains pending, it is widely expected to be granted during their upcoming meeting in July.
Bulgaria’s journey toward eurozone membership has faced considerable challenges. Years of political instability, including seven national elections over the past four years, and previous struggles to meet inflation benchmarks, had delayed the country’s efforts to join the single currency bloc. Additionally, public skepticism and populist resistance to the euro posed further hurdles.
Nonetheless, Bulgaria’s perseverance has now positioned it to become the latest member of the euro area, reinforcing its commitment to deeper European economic integration.
“Bulgaria is meeting all the convergence criteria to become the 21st member state of the euro area, which is indeed a major milestone,” said European Union Economy Commissioner Valdis Dombrovskis. “It’s good news for Bulgaria, bringing tangible benefits for citizens and businesses. It also reflects the strengthening of the euro area, increasing the euro’s international standing and appeal as a stable and attractive currency.”
The upcoming euro adoption is expected to bring numerous advantages to Bulgaria, including reduced transaction costs, increased investor confidence, and enhanced financial integration with the rest of the EU.
