Bulgaria could become the 21st member of the euro zone on Jan. 1, 2026, after the European Commission said on Wednesday the country meets the conditions to adopt the single currency.
“Bulgaria is one step closer to joining the euro today,” European Commission President Ursula von der Leyen said, adding that the country would “take its well-deserved seat at the table where key decisions of the euro area are shaped.”
In a joint assessment with the European Central Bank (ECB), the Commission concluded that Bulgaria’s economy is sufficiently prepared and has fulfilled the convergence criteria, including low and stable inflation, sound public finances, and a stable exchange rate.
The Commission said Bulgaria’s average inflation in 2024 stood at 2.7%, below the reference value of 3.3%. Under EU rules, a candidate country’s average inflation must not exceed more than 1.5 percentage points above the average of the three euro zone countries with the lowest inflation.
ECB Chief Economist Philip Lane said Bulgarian authorities had made “substantial efforts” to implement reforms. Previous attempts to adopt the euro were hindered by high inflation.
The Bulgarian lev has been part of the EU’s Exchange Rate Mechanism (ERM II) since 2020, a necessary step toward euro adoption.
With a population of about 6.4 million, Bulgaria would become the poorest member of the euro zone. Final approval must come from EU finance ministers, who are expected to make a decision in July.
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