Bulgaria to join the euro area in 2026

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The European Commission recently gave Bulgaria the green light to join the euro area in 2026, making it the twenty -first country to join the unified currency bloc.

“Today we have arrived at a decisive teacher on our way to join the euro, which is characterized by years of continuous efforts and strict financial discipline,” said Prime Minister in Bulgaria, Rosen Clealesov, told the Financial Times.

He added: “The introduction of the euro will improve economic stability and create stronger basics for investments and economic growth.”

Brussels and the European Central Bank confirmed on Wednesday that Bulgaria had faced all conditions for adopting the euro on January 1. The eurozone financing ministers formally approve Bulgaria, but they are expected to do so in July.

Bulgaria was to join the unified currency bloc fraught with delay, as the country struggled with political instability and popular reactions against the common currency. It also failed previously to achieve the goals of inflation.

The country has held seven elections in the past four years, with a series of unstable governments that have contributed to the delay in adoption.

“Bulgaria meets all the criteria for rapprochement to become the twenty -first country in the euro area, which is already a major milestone,” said Valdes Dombrovscis, the European Union Commissioner for Economy, in an interview.

He added: “It is good news for Bulgaria, as it offers concrete benefits to citizens and companies … and also (offers) the largest euro area is to promote and make an international increase for the euro. It shows that it is a stable and attractive currency.”

However, opposition to joining the euro area comes from the popular forces supporting Russia in Bulgaria.

In a march in Sofia during the weekend, which witnessed several thousand protests against the adoption of the euro, said Costin Costadenov, leader of the pro -Russian Vasizard Party in Bulgaria: “Bulgaria has risen and declared: Freedom, we choose the Bulgarian winding.”

The independent president of the country, Romen Redf, also suggested that a referendum on this issue – a move by government representatives as sabotage.

But Zhelyazkov, from the right -wing GERB party, said that the eurozone membership “has its political dimensions in the complex geopolitical constellation. We consider it a tangible sign of our European identity.”

All new European Union members who have not yet adopted the unified currency must make it clear that they are resisting with other European economies to join the eurozone.

They should show that inflation is under control and within 1.5 percentage points from the three states in the euro area with the lowest inflation and meeting other standards, including the stability of its currencies and economy.

Bulgaria It failed to meet inflation criteria in 2024, which delayed his joining for a year, but in April inflation slowed to 3.5 percent, which achieved the last condition of the euro adoption next year.