Today, the European Commission formally concluded that Bulgaria is prepared to adopt the euro as of 1 January 2026. This decision represents a significant milestone, positioning Bulgaria as the twenty-first Member State to join the euro area. The assessment is outlined in the 2025 Convergence Report, which was prepared at the request of the Bulgarian authorities and signifies a critical step in the nation’s progression toward euro adoption.
The Report confirms that Bulgaria fulfils the four nominal convergence criteria, which are essential for ensuring that a country is ready to adopt the euro and that its economy is adequately prepared. Furthermore, it establishes that Bulgaria’s legislation is compatible with both the Treaty requirements and the Statute of the European System of Central Banks and the European Central Bank (ECB).
In addition to the nominal criteria, the Commission’s assessment considers other relevant factors that contribute to economic integration and convergence, including developments in the balance of payments and the integration of product, labour, and financial markets. This assessment is further supported by the ECB’s own Convergence Report, which was published concurrently.
“The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to its adoption as a currency. Thanks to the euro, Bulgaria’s economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes. And Bulgaria will take its rightful place in shaping the decisions at the heart of the euro area. Congratulations, Bulgaria!” Ursula von der Leyen, President of the European Commission, said.
Following this evaluation, the Commission has submitted proposals for a Council Decision and a Council Regulation concerning the introduction of the euro in Bulgaria on 1 January 2026. The ultimate decision regarding Bulgaria’s adoption of the euro will be made by the Council of the European Union, following discussions in the Eurogroup and the European Council, as well as consultations with the European Parliament and the ECB.
“Today’s report is a historic moment for Bulgaria, the euro area and the European Union. Bulgaria has met all the convergence criteria to become the 21st member of the Eurozone. Today’s announcement is the culmination of a five-year journey, since it entered ERM II in 2020. The euro will bring tangible benefits for Bulgarian citizens and businesses: stable prices, lower transaction costs, protected savings, more investment, and increased trade. Of course, the euro is more than a currency. Following on from Bulgaria becoming a full member of the Schengen Area earlier this year, it brings Bulgaria ever closer to the heart of Europe. Bulgaria’s successful integration in the euro area will require continued strong policies to strengthen the competitiveness and resilience of the Bulgarian economy,” stated Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification.
