The European Union’s finance ministers approved on July 8 the final steps that will see Bulgaria use the euro as its currency from January 1 2026.
This completes the process for Bulgaria to become the 21st member of the euro area, a statement by the Council of the EU said.
The EU finance ministers, meeting as Ecofin, adopted the final three legal acts required for Bulgaria to introduce the euro as of the beginning of next year.
One of the three legal acts sets the conversion rate between the euro and the Bulgarian lev at 1.95583 lev per 1 euro. This corresponds to the current central rate of the lev in the exchange rate mechanism (ERM II).
Stephanie Lose, Minister of Economic Affairs of Denmark – the country currently holding the rotating presidency of the Council of the EU – said: “From today, Bulgaria takes its place as the 21st member of the euro zone.
“This marks the culmination of a thorough process towards Bulgaria’s accession, comprising rigorous analysis and intensive preparation. I warmly congratulate Bulgaria and the Bulgarian people on this tremendous achievement,” Lose said.
Earlier on July 8, the European Parliament voted overwhelmingly in favour of Bulgaria adopting the euro as of the beginning of January 2026.
Bulgaria was accepted, along with Croatia, into the Exchange Rate Mechanism (ERM2), the euro zone’s “waiting room” on July 10 2020.
In February 2025, Bulgaria formally asked the European Commission (EC) and European Central Bank (ECB) to assess the country’s readiness to join the euro area.
On June 4, in the extraordinary convergence reports, the EC and ECB confirmed that Bulgaria meets all the criteria for joining the euro zone from January 1 next year.
The Eurogroup endorsed on June 19 a recommendation from euro area member states to the Council of the European Union, that Bulgaria becomes a member of the euro zone as of January 1.
Ecofin agreed on June 20 to the next step towards Bulgaria adopting the euro as of the beginning of next year.
The European Parliament’s committee on economic and monetary affairs approved, by a large majority, on June 24 a draft report recommending approval of Bulgaria joining the euro zone.
On June 26, the European Council – the heads of governments of EU countries – endorsed the European Commission’s proposal that Bulgaria adopts the euro on January 1 2026.
(Photo: Sar Maroof/ Wikimedia Commons)
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