Bulgaria to become 21st euro area member from January 2026
The EU Council has approved Bulgaria's euro area entry from January 1, 2026, with the lev fixed at 1.95583 per euro. Backed by the European Parliament and confirmed by the 2025 Convergence Report, Bulgaria meets all criteria. The ECB has supervised Bulgarian banks since 2020. Bulgaria will be the 21st euro area member, after Croatia in 2023.
The decision follows a strong endorsement from the European Parliament, where Members of the European Parliament (MEPs) voted in favour of Bulgaria's adoption of the euro, with 531 votes in support, 69 against, and 79 abstentions. The vote confirms that Bulgaria meets all required convergence criteria, the European Parliament said.
'Today's vote sends a clear signal: Bulgaria is ready to join the Euro area. All criteria have been met, and this step marks a key milestone towards Bulgaria's full European integration - for the country and its citizens,' Rapporteur Eva Maydell (EPP, BG) said after the vote.
The European Commission had already confirmed Bulgaria's readiness in its 2025 Convergence Report, published in June following a formal request from Sofia in February.
Bulgaria's euro adoption follows years of preparation, including the start of close cooperation between the European Central Bank (ECB) and Bulgarian National Bank in October 2020. Since then, the ECB has been supervising Bulgaria's banking system, directly overseeing four significant institutions and monitoring 13 others.
With this transition, Bulgaria will become the 21st member of the euro area. Croatia was the most recent country to adopt the euro, joining in 2023.
Fibre2Fashion News Desk (HU)
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