Latest news with #2025ConvergenceReport
Fibre2Fashion
10-07-2025
- Business
- Fibre2Fashion
Bulgaria to become 21st euro area member from January 2026
The Council of the European Union has formally approved Bulgaria's accession to the euro area, with the transition set for January 1, 2026. The lev will be converted at a fixed exchange rate of 1.95583 per euro, aligning with its central rate under the Exchange Rate Mechanism II (ERM II), which Bulgaria joined on July 10, 2020, ECB said in a release. 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)
Fibre2Fashion
06-06-2025
- Business
- Fibre2Fashion
Bulgaria meets criteria to join euro area in 2026: European Commission
The European Commission has confirmed that Bulgaria is ready to adopt the euro on January 1, 2026, marking a historic milestone as it prepares to become the twenty-first Member State in the euro area. This conclusion, detailed in the 2025 Convergence Report, finds that Bulgaria meets all four nominal convergence criteria and has aligned its legislation with EU requirements. The report, requested by Bulgarian authorities in February 2025, was published alongside the European Central Bank's (ECB) own Convergence Report. It also considers Bulgaria's economic integration, including trade, labour, and financial markets, the European Commission said in a press release. Ursula von der Leyen, President of the European Commission said: 'The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to its adoption as 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!' The European Commission has confirmed Bulgaria's readiness to adopt the euro on January 1, 2026, as outlined in the 2025 Convergence Report. Bulgaria meets all required economic and legislative criteria and will become the twenty-first euro area member. Final approval now rests with the Council of the EU following consultation with the ECB, European Parliament, and Eurogroup. Following the report, the Commission has adopted proposals for a Council Decision and Regulation on Bulgaria's euro adoption. The final approval will come from the Council of the EU after consultation with the European Parliament, the ECB, and discussions within the Eurogroup and European Council. Fibre2Fashion News Desk (KD)
