European Union ministers greenlighted on Tuesday Bulgaria’s bid to undertake the euro as of Jan. 1, 2026, making it the only foreign money space’s twenty first member following Croatia, which was the final to modify to the widespread foreign money in 2023.
Bulgaria’s swap from the lev to the euro comes practically 19 years after the nation of 6.4 million individuals joined the EU.
“We did it!” Bulgarian Prime Minister Rossen Jeliazkov mentioned.
“We thank all institutions, partners and everyone whose efforts made this landmark moment possible. The government remains committed to a smooth and effective transition to the euro in the interest of all citizens,” Jeliazkov mentioned on X.
In adopting the authorized texts crucial for the transfer, EU finance ministers formally set the euro at 1.95583 Bulgarian lev.
“Joining the euro area is much more than just about replacing the lev with the euro. It is about building a brighter and more prosperous future for Bulgaria and its citizens at the heart of Europe,” EU economic system chief Valdis Dombrovskis mentioned after the approval.
“The euro will bring new opportunities, investments, jobs and growth,” he mentioned.
The European Commission final month mentioned the EU’s poorest nation had fulfilled the strict circumstances to undertake the euro, whereas the European Central Bank (ECB) additionally gave a constructive opinion.
Bulgaria’s journey to becoming a member of the eurozone has had a stormy political backdrop with seven elections in three years, the final in October 2024.
But current polls present Bulgarian society stays divided on the euro, with specialists attributing the scepticism largely to fears of rising costs and declining buying energy.
President Rumen Radev shocked many when he proposed holding a referendum on the matter, however that was given brief shrift by the Bulgarian parliament.
Since June, protesters have gathered in Sofia to name for “keeping the Bulgarian lev.” A symbolic protest camp with a number of tents has been arrange close to the presidency and the Bulgarian National Bank within the capital.
Far-right opposition events have used the difficulty to advertise anti-EU narratives.
Proponents in Bulgaria, nonetheless, insist the transfer will assist enhance the nation’s economic system, and reinforce its ties to the West and defend towards Russia’s affect.
“The political benefits are becoming increasingly significant, as the protests against the euro seem to bear the mark of the Kremlin,” 43-year-old musician Veselin Dimitrov advised Agence France-Presse (AFP) in Sofia.
Euro membership will get greater
The inexperienced gentle comes because the euro has been gaining in worth towards the U.S. greenback as President Donald Trump’s protectionist commerce insurance policies shake belief within the U.S. foreign money.
Only 12 international locations have been a part of the only foreign money space – together with France, Germany, Italy, Spain, and Greece – when the primary euro payments and cash have been rolled out on Jan. 1, 2002.
It progressively widened with Slovenia becoming a member of in 2007, South Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 then Lithuania in 2015.
Croatia was the final nation to affix in 2023, bringing the overall to twenty.
Bulgaria wished to undertake the euro sooner, however Brussels judged that its inflation was too excessive to fulfill the required standards.
EU states that wish to be a part of the only foreign money should exhibit that their economic system has converged with different eurozone international locations and that they’ve their funds beneath management.
The circumstances embody holding inflation to not more than 1.5 proportion factors increased than the speed of the three best-performing EU international locations.
When Brussels gave its backing in June, it mentioned Bulgaria’s common inflation charge through the 12 months to April 2025 was 2.7%, slightly below the wanted degree.
Source: www.dailysabah.com