The European Union has officially approved Bulgaria’s accession to the eurozone, paving the way for the country to adopt the euro as its official currency on January 1, 2026. This historic decision follows a comprehensive review by the European Commission and the European Central Bank, both of which concluded that Bulgaria now meets all the necessary economic and legal criteria, including public debt, deficit, inflation, interest rates, and exchange rate stability. The move will make Bulgaria the 21st member state to join the euro area, marking a significant milestone in the country’s integration with the EU since it joined the bloc in 2007.
Bulgaria’s path to euro adoption has not been without challenges. Persistent inflation and political instability had previously delayed the transition, with the country struggling to meet the required price stability benchmarks in recent years. However, recent data showed that Bulgaria’s inflation rate cooled to levels acceptable under EU criteria, and its public debt remains among the lowest in the union. The final legislative and technical preparations are now underway, with a decisive vote by euro area finance ministers expected to provide the last formal approval on July 8, 2025.
While EU officials and many business leaders have welcomed the decision, public sentiment in Bulgaria remains divided. Supporters highlight the anticipated benefits, such as easier trade, increased foreign investment, and a stronger voice in European monetary policy. However, concerns persist among the population about potential price increases and the country’s readiness for such a major economic shift. Recent surveys indicate that about half of Bulgarians are opposed to adopting the euro, reflecting ongoing skepticism fueled by economic disparities and political uncertainty.
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(Source: Euro News)
