Bulgaria set to join Eurozone in 2026
The European Commission has officially approved Bulgaria’s entry into the eurozone, setting January 1, 2026, as the date for adopting the single currency. This will make Bulgaria the 21st member of the euro area.
“Today we have reached a crucial milestone on our path to join the euro, marked by years of continuous efforts and strict fiscal discipline,” Bulgaria’s Prime Minister Rosen Zhelyazkov said, News.Az reports, citing the Financial Times.
“The introduction of the euro will improve economic stability and create stronger fundamentals for investments and economic growth,” he added.
Brussels and the European Central Bank confirmed on Wednesday that Bulgaria had met all conditions for it to adopt the euro on January 1. Euro area finance ministers have to formally approve Bulgaria’s accession, but they are expected to do this in July.
Bulgaria’s path to joining the single currency bloc has been fraught with delays, as the country struggled with political instability and a populist backlash against the shared currency. It also previously failed to meet inflation targets.
The country has had seven elections in the past four years, with a succession of unstable governments that contributed to the delayed adoption.
“Bulgaria is meeting all the convergence criteria to become the 21st member state of the euro area which is indeed a major milestone,” EU economy commissioner Valdis Dombrovskis said in an interview.
“It’s good news for Bulgaria, bringing tangible benefits for citizens and businesses . . . And also [shows] the larger euro area itself is strengthening and making greater international heft for the euro. It shows it’s a stable and attractive currency,” he added.
Similar news
